
The Production Gap
2021 Report
-
The world’s governments plan to produce ~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 production gap has remained largely unchanged compared to 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.
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.
You might also be interested in
Indonesia Must Quadruple its Annual Renewable Investment Target
Indonesia should quadruple its annual investment target for new and renewable energy to over USD 8 billion by 2025, according to a new brief by the International Institute for Sustainable Development (IISD)
B.C. commits $282 million to CleanBC Industry Fund investment, applications now open
Companies are getting a $282 million incentive to develop more climate-friendly ways of doing business in B.C.
One BC Fossil Fuel Subsidy Reached $1.2 Billion Last Year
Last year the provincial government gave away $1.2 billion in a single fossil fuel subsidy known as the Deep Well Royalty Credit, a tax credit for hydraulic fracturing wells, according to new analysis by Stand.earth.
Analysis: Ukraine crisis could boost ballooning fossil fuel subsidies
Sky-high oil prices resulting from a potential Russian oil import ban could force governments to pour more cash into fossil fuel subsidies to shield consumers from rising energy bills, rather than use the money to fight climate change.