While the US approval of a large oil and gas extraction project on Alaska’s ecologically sensitive North Slope left climate advocates reeling, the long-sought ConocoPhillips endeavour represents only a fraction of the hundreds of new oil and gas drilling projects approved worldwide in the last year, marking a fossil fuel rebound to pre-pandemic levels.
The New York Times illustrated the fossil fuel industry’s recent surge against the backdrop of an increasingly dire picture of the world’s climate future.
A lot of this build-out is poised to come on board toward the end of this decade, when we really need to be on a declining path away from fossil fuels.
Michael Lazarus, Centre Director, SEI US
The trillions in spending on fossil fuel projects indicate that extraction will continue to proliferate throughout this decade, while fossil fuel companies are scaling back their ambition to reduce production and invest in renewable energy.
“Oil and gas companies are essentially banking on [fossil fuel] demand remaining as high then as it is now,” said Michael Lazarus, Centre Director at SEI US.
And, just as the US is making historic investments in curbing climate change, it has also achieved the distinction of being the world’s largest oil and gas producer, Lazarus added.
“All signs are that Washington is intent on retaining that position,” he said. “Is that showing climate leadership? There is a fundamental contradiction there that has to be pointed out.”
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