NewsRescue
According to a research released this week by climate campaign group Global Witness, the fossil fuel sector is set to invest more than $1 trillion on natural gas production over the next decade, fueled by rising demand in Europe.
The NGO’s research of Rystad Energy statistics suggests that $223 billion of the total will be spent on establishing and operating new gas extraction sites to feed the continent.
According to the survey, the biggest spenders would be oil giants Shell, TotalEnergies, ExxonMobil, Equinor, and Eni. These five businesses are expected to invest a total of $144 billion in the continent’s gas supply over this time period. Meanwhile, annual expenditures by the top twenty corporations providing gas for Europe are likely to increase.
According to Global Witness, the analysis includes both fossil gas and gas condensate, a by-product of gas extraction used to make kerosene, diesel and other fossil fuels.
“The numbers are stark – Europe is hurtling down a dangerous path by doubling down on fossil gas, and needs to pull out all the stops to end the age of fossil fuels,” Dominic Eagleton, senior fossil fuels campaigner at Global Witness, said. “The European Commission must seize its chance to quicken Europe’s exit from gas and set 2035 as a target date to phase out this costly, crisis-ridden and climate-boiling fossil fuel,” he urged.
The analysis comes as the European Commission prepares to present plans for a target to reduce EU emissions by 2040. According to International Energy Agency (IEA) forecasts, the EU would account for 66% of total gas volumes consumed in the European region in 2024, with the percentage remaining almost unchanged at 65% in 2030.
