A newly updated database reveals that hundreds of major fossil fuel projects worldwide could blow past the planet’s remaining capacity to stay within safe warming limits. The findings come as international leaders convene to discuss the anniversary of the 2015 Paris pact.
Researchers from a coalition of non-profit organizations have tracked large-scale oil, gas, and coal developments, each expected to release over one billion tons of carbon dioxide during their lifetimes. Their latest count shows 176 new such projects have been added since the tracker first launched two years ago, pushing the overall total to 601.
“This data makes it clear that a decade after the global agreement was reached, the energy industry and its backers are simply ignoring it,” said Lou Welgryn, director of Data for Good, a group involved in the project. “Their financial gains are taking precedence over the looming threat of climate disaster.”
The monitoring tool, created by Eclaircies, Data for Good, LINGO, and Reclaim Finance, arrives months after a major international court ruling determined that nations could face legal consequences for supporting fossil fuel growth. The findings underscore the challenges confronting governments that continue to approve permits and provide subsidies for high-emission industries.
Even with climate commitments in place, the world’s largest 65 banks have funneled an estimated $1.6 trillion into companies advancing these “carbon bomb” projects since 2021, according to the research.
Analysis of the data, shared early with select media outlets, indicates that existing and planned extraction operations would use up 11 times the carbon budget consistent with holding warming to 1.5°C.
Key zones for these developments are concentrated in China, Russia, the United States, Australia, India, and Saudi Arabia. The five corporations tied to the most new initiatives are TotalEnergies, China National Offshore Oil Corporation, Eni, BP, and Shell.
“By giving these planet-destroying companies free rein, major financial institutions are worsening the climate crisis,” warned Louis-Maxence Delaporte, energy research manager at Reclaim Finance.
The updated map is slated for public release ahead of the Paris Peace Forum, where discussions on climate accountability are expected to take center stage.