The first Global Fossil Fuel Registry is launched to control what is produced

The goal is to promote transparency in fossil fuel reserves and make governments accountable to citizens and investors.

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Carbon Tracker y Global Energy Monitor (GEM) have built a prototype of the first fossil fuel database open source, independent and accessible. The Global Fossil Fuel Registry it will be a concrete policy tool to measure what is being taken out of the ground, the associated emissions and how they relate to a 1.5°C compatible pathway.

It will allow legislators and experts from around the world to assess whether countries are on track to meet their climate commitments and will provide data and analysis tools to identify a means of reducing fossil fuel production.

The Report on the production gap of the UNEP (United Nations Environment Program) of 2021 finds that governments plan to produce more than twice the amount of fossil fuels in 2030 than is consistent with limiting warming to 1.5°C.

Causes of climate change

The oil, gas and coal have contributed with more than 75% of global greenhouse gas emissions and nearly 90% of all carbon dioxide emissions since the Industrial Revolution.

Therefore, addressing the oversupply of fossil fuels is critical to addressing climate change. The first step in managing fossil fuel production is to measure it. However, there is currently no comprehensive, transparent, public source of data on estimated fossil fuel reserves and production.

Often this information is not in the public domain and much of the data that does exist is kept private. confidentially by governments they are either behind payment barriers or, in the case of some reservoirs, may not exist in granular detail or remain an uncertain estimate. There are significant uncertainties even in the amount of GHG emissions associated with any given amount of future production.

Carbon Tracker and Global Energy Monitor, organized by the Danish delegation, presented a prototype version of the Global Fossil Fuel Registry to the media.

Barbara Pompili, Minister for the Ecological Transition of the Government of France, said his country “believes that, to maintain 1.5ºC, the international community must collectively accelerate a managed phase-out of fossil fuel production. Therefore, I commend the work being done by the Carbon Tracker Initiative and Global Energy Monitor in developing an independently managed global fossil fuel registry.”

For its part, Mark Campanale, founder of the Carbon Tracker Initiative, added that “the Global Fossil Fuel Registry will drive greater transparency about the plans of governments and companies for oil, gas and coal in the future and, more importantly, help governments to be more responsible”.

In addition, he pointed out that “it will allow investors to evaluate the risk of stranded assets much more effectively.”

Y Ted Nace, CEO of Global Energy Monitor, explained that “the development of this data set is the first step in a virtuous circle of transparency. The more the carbon inventory in the soil advances, the more useful it will be and the greater the pressure on countries and companies to achieve full transparency.”