Wealthy Nations Expand Oil and Gas Production Despite Climate Pledges

Wealthy nations, such as the US and UK, are ramping up oil and gas production, threatening to release nearly 12 billion tonnes of greenhouse gases by 2024. Despite their climate pledges, these countries are leading the charge in fossil fuel expansion.

The International Institute for Sustainable Development (IISD) analyzed industry data and found that new oil and gas field licenses could generate the highest emissions since 2018. These emissions, roughly equivalent to China's annual output, surpass the last four years combined.

Fossil fuel companies are investing more in new sites than ever since the 2015 Paris climate deal. Wealthy countries, despite their economic advantages and obligations under the Paris accords, are spearheading this drilling frenzy, issuing 825 new licenses in 2023, the most on record.

Countries like the UK, US, Canada, Norway, and Australia are now seen as "other petrostates." They have the resources to transition to cleaner energy but are instead investing heavily in fossil fuels.

The US, under the Biden administration, has issued 1,453 new licenses, accounting for half of the global total and 83% of wealthy nations' licenses. The UK is also handing out more licenses, despite pledges to stop new drilling.

The hypocrisy is stark. Rich countries with low economic dependence on fossil fuels should be leading the transition away from oil and gas. Instead, they continue to issue licenses and invest in new fields.