NGOs note 28 new ‘carbon bomb’ projects since 2021
Summary
A report by environmental nonprofits has identified 28 new major fossil fuel projects, termed "carbon bombs," since 2021 worldwide. These projects are expected to produce large amounts of carbon emissions, significantly impacting climate targets. Despite global climate agreements, financial support from major banks continues to fund these projects.Key Facts
- "Carbon bomb" projects are fossil fuel facilities that can emit over a billion tonnes of CO2.
- Twenty-eight of these projects have started since 2021.
- Some 365 projects still produce more than a billion tonnes each, despite a call to stop new projects in line with climate targets.
- The International Energy Agency stated in 2021 that new oil and gas projects contradict climate goals from the 2015 Paris Agreement.
- Between 2021 and 2024, 65 major banks funded $1.6 trillion toward these projects.
- Barclays Bank is the most involved, with $33.7 billion given to 62 companies involved in carbon bomb projects.
- China is responsible for 43% of these projects, with Russia and the United States following at 9% and 5%, respectively.
- The collective emissions from these projects are predicted to exceed climate-safe limits by 11 times.
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