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

Thursday 23 September 2021 14:08
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<p>Between 2016 and 2020, commercial banks pledged $314 billion (£230bn) in loans and underwriting to fossil fuel companies looking to expand in the Arctic</p>

Between 2016 and 2020, commercial banks pledged $314 billion (£230bn) in loans and underwriting to fossil fuel companies looking to expand in the Arctic

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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