The fourth edition of ‘The Production Gap Report’ released on Wednesday has revealed that annual oil and gas production is projected to increase by 27 per cent and 25 per cent by 2030 and by 29 percent and 41 per cent by 2050, respectively.
The report states that annual global coal production is projected to increase by 10 per cent between 2020 and 2030, with a near-term increase in production led by India, Indonesia, and Russia.
This comes despite 151 national governments having pledged to achieve net-zero emissions. In 2015, the countries signed the Paris Agreement and pledged to limit the average temperature rise to below 2 degrees, while actively aiming for 1.5 degrees above industrial levels.
