Accelerating fossil fuel extraction threatens climate goals

Summary: A report by Global Energy Monitor reveals plans to extract 31bn barrels of oil equivalent from 64 new projects by the end of the decade, nearly quadrupling current levels. The US leads in new oil and gas projects, with 20bn barrels discovered since 2021. Despite warnings, major fossil fuel companies are accelerating extraction, jeopardizing the 1.5C climate goal. Existing infrastructure already exceeds this limit.

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