Oil and gas firms to increase extraction in Arctic by ‘more than 20%’ in next five years
‘The irresponsibility is breathtaking,’ one researcher tells climate correspondent Daisy Dunne
Oil and gas firms plan to increase extraction in the Arctic by more than 20 per cent over the next five years, a new report says.
Analysis by Reclaim Finance, an NGO examining fossil fuel spending, finds that oil and gas production in the fragile region is set to increase from 11.5 million barrels of oil equivalent (mmboe) per day in 2020 to 13.7 mmboe per day in 2026.
Such an uptick in drilling could consume 22 per cent of the world’s available “carbon budget” for keeping global temperatures to 1.5C above pre-industrial levels by the end of the century, the analysis says.
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