10 November 2022 - 17:46A COP27 sign on the road to Sharm el-Sheikh, Egypt, October 20 2022. Picture: SAYED SHEASHA/REUTERS
Even countries with binding commitments to switch to low carbon energy have found their priorities have shifted, at least in the short term and African nations see the potential for new export markets, as well as a chance to end domestic fuel poverty. Politicians and executives said the UN climate summit host continent’s interest in developing its resources had led to a thawing in attitudes towards oil and gas companies.
Scientists and other energy experts have warned that investment in fossil fuel must cease if there is any chance of limiting global warming to 1.5Gas projects already planned by countries could take up 10% of the world’s remaining carbon budget, or the amount of carbon dioxide that can be emitted before global temperatures exceed 1.5°C above pre-industrial temperatures, the research collaboration Climate Action Tracker said in a new analysis.
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