New Delhi, Oct 29 (PTI) Four developed countries, including the US and Australia, are overwhelmingly responsible for derailing potential global progress on phasing out oil and gas since the Paris Agreement,
while the rest of the world has either slowed or reduced fossil fuel extraction, according to a report published on Tuesday.
The report titled “Planet Wreckers: Global North Countries Fueling the Fire Since the Paris Agreement”, by research institution Oil Change International, said that the US, Australia, Canada and Norway together increased their oil and gas production by nearly 40 per cent between 2015 and 2024, even as combined extraction in the rest of the world fell by 2 per cent.
The US alone accounted for over 90 per cent of the net global increase in oil and gas extraction since the Paris Agreement, expanding production by nearly 11 million barrels of oil equivalent per day, more than five times as much as any other country.
Australia’s output rose the fastest among major producers, up by 77 per cent, while Canada and Norway expanded their production by 28 per cent and 7 per cent, respectively.
In contrast, several Global South countries, often called “petrostates”, such as Saudi Arabia, Algeria and Qatar have kept production stable or even reduced it.
The report said that while these nations are far more dependent on oil and gas revenues, they are still showing more restraint than rich countries with far greater capacity to transition away from fossil fuels.
The study found that while the Global North has expanded fossil fuel extraction, it has failed to meet its financial obligations under international climate agreements.
Since 2015, Global North countries have provided only USD 280 billion in grant-based climate finance to the rest of the world, a fraction of the USD 1 trillion to USD 5 trillion needed annually for a just energy transition.
Over the same period, oil and gas companies headquartered in these countries made more than USD 1.3 trillion in profits, five times the amount of climate finance delivered.
“Ten years ago in Paris, countries promised to limit warming to 1.5 degrees Celsius, which is impossible without putting an end to fossil fuel expansion and production. The rich countries most responsible for the climate crisis have not kept that promise. Instead, they have poured more fuel on the fire and withheld the funds needed to put it out,” said Romain Ioualalen, Global Policy Lead at Oil Change International.
“The fact that a handful of rich Global North countries, led by the US, have massively driven up their oil and gas production while people around the world suffer the consequences is a blatant mockery of justice and equity. These countries have a moral and legal obligation to move first to phase out fossil fuels and deliver the trillions needed in climate finance on fair terms to the Global South. Anything less is a betrayal of science and abdication of responsibility,” he said.
The report comes ahead of this year’s UN climate conference (COP30) in Belém, Brazil, where countries will review global progress since the Paris Agreement.
Oil Change International warned that without urgent action by the major fossil fuel producers, the world will exhaust its remaining carbon budget in just three years.
The analysis also pointed to what it called “climate hypocrisy”, highlighting that while Global North governments supported the COP28 decision to transition away from fossil fuels, they have continued approving new oil, gas and coal projects.
It citesd Australia’s approval of the North West Shelf Gas project extension, which alone could consume 6 per cent of the remaining carbon budget for 1.5 degrees Celsius.
The report argued that the Global North’s continued expansion of fossil fuels, coupled with its failure to provide adequate climate finance, has deepened “climate colonialism”, where developing countries bear the brunt of climate impacts while facing debt burdens, unfair trade rules and restricted fiscal space to fund their own transitions.
It said rich nations could mobilise at least USD 6.6 trillion per year for a just and equitable fossil fuel phase-out through redistributive policies such as taxing polluters and the super-rich, cancelling Global South debts and cutting military budgets. With broader global financial reforms, this total could rise to USD 11 trillion annually.
The report urged Global North governments to immediately halt new fossil fuel licensing, adopt domestic phase-out plans aligned with the 1.5 degrees Celsius goal, make polluters pay for decommissioning and transition costs and provide at least USD 1 trillion a year in grant-based climate finance.
It also calls on them to support structural reforms in the global financial system and join initiatives such as the proposed Fossil Fuel Non-Proliferation Treaty, an idea gaining traction among developing nations, with Colombia set to host the first global conference on fossil fuel phase-out in April next year.
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