urgewaldNov 10, 2022
BREAKING | New research shows: oil & gas industry is not heeding the calls from @[email protected], @[email protected] & not even @[email protected] that we can't afford new oil & gas on a 1.5°C path. Our Global Oil & Gas Exit List update reveals an industry willing to sacrifice a livable planet. #GOGEL #COP27 1/x
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#GOGEL shows that 96% of companies that explore for and produce oil & gas are still expanding their operations. Compared to 2021 expansion plans even increased by 20% to > 230 billion barrels (oil eq). That's 30x the annual emissions of the EU. 2/x
Nov 10, 2022 at 8:50amMastodon Twitter Crossposter
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In a world's first, #GOGEL makes it possible to systematically assess whether a company’s upstream activities are in line with the @[email protected]'s net-zero emissions scenario. We show that > 50% of oil & gas companies' expansion plans are going beyond the 1.5°C limit. #NetZero 3/x
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Keeping the oil and gas resources in the ground which are going beyond the IEA's calculations is the bare minimum of what is needed to keep 1.5°C attainable. But oil majors like @[email protected], @[email protected] etc. don't seem to care. 4/x
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GOGEL lists 289 companies that are building new oil and gas pipelines or #LNG terminals. LNG terminals under development (total capacity of 1,391.5 Mtpa) would more than double global LNG export capacity. 5/x
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While Europe is one of the regions that needs to phase out fossil fuels the fastest, close to 20% of #LNG import terminals under development are located in European countries.
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The oil & gas industry does not envision a transition. Financial institutions still using this as an argument to continue working with these companies are at best lying to themselves. Best example: Global expenditure on exploration increased by 12.4% from 2021 to 2022. 7/x
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The Top fracking companies are all US-based. 8/x
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Among the top companies producing oil & gas in the Arctic is also a German company: @[email protected]. Wintershall Dea produces almost half of its oil & gas in the Arctic in Russia. The company has come under pressure for its alleged involvement in war crimes in #Ukraine. 9/x
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The top #LNG terminal developers. 10/x
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Drilling for oil & gas becomes more & more riskier. Especially these companies risk oil spills in huge depths, where a clean up is almost impossible. 11/x
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This is a call to the enablers of the expansion of the oil & gas industry: financial institutions. What counts here is not financial gain but science. Banks, investors & insurers must end finance for fossil expansion - on a company level - or else sacrifice our only home. 12/x
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13/13 More info about the first update of the Global Oil & Gas Exit List can be found here:
https://www.urgewald.org/en/medien/ngos-release-2022-global-oil-gas-exit-list-industry-willing-sacrifice-livable-planet
or at https://gogel.org/
NGOs Release the 2022 Global Oil & Gas Exit List: An Industry Willing to Sacrifice a Livable Planet | urgewald e.V.

96% of upstream oil and gas companies are still expanding their operations GOGEL is the first tool that makes it possible to systematically assess whether companies are in line with the IEA’s Net Zero Emissions scenario LNG terminals under development would more than double global LNG export capacity