Speakers
Lisa Fischer
Programme Leader - E3G
Lorne Stockman
Research Co-Director - Oil Change International
| The first Production Gap Report was launched in November 2019 by leading research institutions and experts, in collaboration with the UN Environment Programme (UNEP). The aim of the Production Gap Report is to signal the large discrepancy between countries’ planned fossil fuel production and the global production levels necessary to limit warming to 1.5°C and 2°C. The 2020 special issue of the Report looks at how conditions have changed since last year, especially in the context of the COVID-19 pandemic.
To follow a 1.5°C-consistent pathway, the world needs to decrease fossil fuel production by roughly 6% per year between 2020 and 2030. Nevertheless, fossil fuel companies continue planning numerous new coal, oil and gas projects. Current plans and projections show an average annual increase of 2% of fossil fuel production, which by 2030 would result in more than double the production consistent with the 1.5°C limit. To date, governments have committed far more COVID-19 stimulus and recovery funds to fossil fuels than to clean energy but the world is still at a potential turning point towards a healthier and more resilient, low-carbon future. Decision makers choose today the measures that will shape our climate future, whether it is a trajectory that would lock in severe climate disruption or one that manages to remove fossil fuels as part of the reconstruction efforts. In this webinar, we presented the report's key findings on the urgency of phasing out support for coal, oil and gas. We also provided examples of the major companies developing new fossil fuel projects; as well as, the geographical zones with the highest risks. Finally, we explored how financial actors can integrate long-term strategies for transitioning away from fossil fuels while reducing related risks and how this can be reflected in worthy climate policies. Learn More:
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