Large oil and gas companies listed on major financial markets already publish detailed updates to their oil and gas reserves, identifying newly added oil and gas as sub-categories.īut National Oil Companies (NOCs) in major oil producing countries, private companies and governments overwhelmingly do not report this data. ![]() But the energy transition introduces a need for a new metric – the volumes of embedded emissions added, relative to the remaining carbon budget. ![]() The traditional way of counting oil and gas reserves is for shareholders to know what assets an oil company retained, able to be produced in the future. Instead, they collate it from companies operating in their jurisdiction. If we don’t measure it, we can’t manage it,” said Rob Schuwerk, Carbon Tracker’s lead on the Global Registry project.Įven though states and governments are the key Parties to the Paris Agreement and climate change policy, they do not, for the most part, originate data on fossil fuel reserves. Remarkably, there is no comprehensive and reliable information on the volumes of previously unreported oil and gas reserves have been ‘found’ year over year. The International Energy Agency (IEA) has made clear we don’t need new oil and gas exploration in our climate-constrained world, yet the proving up of new reserves continues across the globe. “The ‘reserves’ classification means the fossil fuel volumes can be recovered economically-today’s reserves are tomorrow’s emissions. To address this problem Carbon Tracker and The Global Registry of Fossil Fuels are proposing a new reporting metric to be known as: New Reserves and Resources (NRR) in order to close this emissions reporting gap. No publicly available figure currently exists for how much oil and gas was added to global reserve stocks last year. And yet one of the most important figures we need to achieve this – how much new fossil fuels are being added to the existing global stock – is currently missing from the public domain. LONDON, 5 December – Global policy makers are currently gathered at COP28 in Dubai pursuing a managed phase out of fossil fuel production and use, to prevent global heating reaching catastrophic levels. Publishing Government reporting metrics could close oil and gas reporting gaps
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