Oil & Gas Production Gap from WEF

The charts show the gap between the amount of coal, oil and gas global production planned by industry and governments (in red), and the amounts required to meet climate target constraints (World Economic Forum comprehensive report).

 

 "More than double the amount of fossil fuels could be produced in 2030 than would be consistent with limiting global temperature rises to 1.5°C".   This is the key finding of UN Oil and Gas Production report (United Nations Environment Program UNEP Production Gap Report 2023). It says world governments planned production of oil and gas is more that double the amount consistent with holding global temperature rise to 1.5 degrees Centegrade.

 The WEF adds “To retain any chance of limiting global warming below 1.5°C by the end of this century, global emissions must decrease by 7% annually until 2030" in its State of Climate Action report. However, emissions are currently rising by 1.5% a year. 

The Fossil Fuel industry makes up 80% of the worlds total energy production. 

What is Oil and Gas production worth?  Ans: $3500 Billion of which 50% goes to governments and 10% to shareholders. 

What is Clean energy production worth? Ans: $1800 Billion 

What is the Oil and Gas contribution to clean energy production? Ans: 1%

On top of this, the world is perilously close to using up its carbon budget - the amount of carbon fuels we can emit without without breaching 1.5°C temperature rises – says the Intergovernmental Panel on Climate Change (IPCC).

“This leaves no room for new coal mines, oil and gas fields, or fossil-fuel-burning power plants, unless existing infrastructure is retired early,” UNEP adds in its report. What can be done to meet targets in the net-zero transition? For a comparison between cutting-out and phasing-out fossil fuel see the International Energy Agency (IEA) Executive Summary "Oil and Gas Industry in Net Zero Transitions."

 Given this international framework to meet Climate goals the LB Environmental Sustainability Committee (ESC) remains consistent with the GHG reduction in the Laguna Beach General Plan, but what is on the agenda of city leadership in Laguna Beach? 

• The City Council voted unanimously to develop 9-parking structures for cars ;
• The City is combating balloons and single-use shopping bags;
• The City is rescuing gum-trees.

To meet climate targets in 2030 and 2050 the City of Laguna Beach like world governments remains  challenged. 

-LS