According to a recent report, over 200 oil and gas projects slated for the next three years will add 8.6 gigatonnes to the world’s carbon budget — equivalent to a quarter of global emissions in 2020. A projection on Equinor’s Stavanger, Norway, headquarters protests the company’s plans to drill for oil in Bay du Nord project, 500 km off Newfoundland and Labrador. Despite promises to reduce emissions, eight of the world’s largest oil and gas producers are moving ahead on over 200 new fossil fuel projects over the next three years, a new report has found. The resulting emissions, according to the " Big Oil Reality Check " study published Tuesday, would add 8.6 gigatonnes to the world’s carbon budget — equivalent to one-quarter of global emissions in 2020. Among the projects set to proceed are dozens of so-called "carbon bombs" — mega-projects that in Canada include the Cold Lake oil sands project and the Bay du Nord plan to drill deep into the ocean floor off Newfoundland and Labrador, according to David Tong, author of the report and a researcher with Oil Change International. Together, Tong estimates forecasted production from those two projects alone could add up to […]
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