The 2021 Production Gap Report, by leading research institutes and the UN Environment Programme (UNEP), finds that despite increased climate ambitions and net-zero commitments, governments still plan to produce more than double the amount of fossil fuels in 2030 than what would be consistent with limiting global warming to 1.5°C.
The report’s main findings include:
· The world’s governments plan to produce around 110% more fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C, and 45% more than consistent with 2°C. The size of the production gap has remained largely unchanged compared to our prior assessments.
· Governments’ production plans and projections would lead to about 240% more coal, 57% more oil, and 71% more gas in 2030 than would be consistent with limiting global warming to 1.5°C.
· Global gas production is projected to increase the most between 2020 and 2040 based on governments’ plans. This continued, long-term global expansion in gas production is inconsistent with the Paris Agreement’s temperature limits.
· Countries have directed over USD 300 billion in new funds towards fossil fuel activities since the beginning of the COVID-19 pandemic—more than they have towards clean energy.
· In contrast, international public finance for the production of fossil fuels from G20 countries and major multilateral development banks (MDBs) has significantly decreased in recent years; one-third of MDBs and G20 development finance institutions (DFIs) by asset size have adopted policies that exclude fossil fuel production activities from future finance.
· Verifiable and comparable information on fossil fuel production and support—from both governments and companies—is essential to addressing the production gap.
DOWNLOAD THE 2021 REPORT
https://productiongap.org/wp-content/uploads/2021/10/PGR2021_web_rev.pdf