The largest polluters on Earth
According to a report by Oil Change International, only 20 countries are responsible for almost 90% of oil and gas extraction projects planned in 2023–2050. These so-called planet destroyers will emit 172.6 gigatonnes of CO₂ by 2050, equivalent to emissions from approximately 1,082 coal-fired power plants over their entire activity cycle. The USA, Canada, Russia, Iran, China, Brazil, UAE, Australia, Argentina and Iraq are planning the most projects. The United States will emit the most CO₂ as part of the planned projects – approximately 72.5 gigatons by 2050 (significantly more than ⅓ of global emissions).
The energy sector has performed the best on the S&P 500 index for three months, outperforming the IT and communications services industries. Horizontal wells drilled this year in shale basins in the USA will have approximately a total length of 40,000 km., i.e. six times more than in 2008. However, according to energy experts, technological progress will not be enough to reverse the structural decline in shale gas production in the USA in the coming years.
Over the last decade, Guyana has found vast amounts of oil and gas offshore and has reserves of 11 billion barrels. The South American country is trying to make the most of its newfound wealth before it is too late due to the fight against climate change. According to the International Monetary Fund (IMF), Guyana’s economy grew last year by 62%, and this year it is expected to increase by another 37%. This is the fastest pace in the world. GDP per person is expected to exceed 60,000 USD this year.