28 New Carbon Bomb Projects Identified by NGOs Since 2021
As the world grapples with the pressing realities of climate change, new reports reveal that significant fossil fuel projects continue to emerge, posing grave concerns for global warming targets outlined in the Paris Agreement. These “carbon bomb” projects threaten to derail the progress made towards a sustainable future, highlighting the urgent need for decisive actions from governments and financial institutions. This situation not only reflects the challenges we face in transitioning to greener energy but also underscores the critical role that responsible investment can play in shaping a viable ecological landscape.
A recent report by a coalition of environmental nonprofits has flagged the emergence of 28 new “carbon bomb” projects worldwide over the past five years, revealing a troubling trend amidst ongoing global efforts to reduce fossil fuel usage. These projects, which are defined as oil, gas, or coal facilities capable of releasing over a billion tonnes of CO2 throughout their operational life, have sparked concern from environmental advocates and scientists alike. Despite earlier pledges by nations to curb fossil fuel dependency, the report highlights that efforts have not only stagnated but have also resulted in the initiation of dozens of new extraction projects since 2021.
The analysis conducted by NGOs including Lingo, Data for Good, Reclaim Finance, and Eclaircies indicates that as of now, roughly 365 carbon bomb projects remain active around the globe. This reduction from previous counts stems from adjustments in production rates and other re-evaluations. Alarmingly, the International Energy Agency has previously stated that launching new oil and gas ventures contradicts the climate objectives set forth in the Paris Agreement, which aims to limit global warming to below 1.5 degrees Celsius compared to pre-industrial levels. Significant decisions made during COP28 in 2017 to phase out fossil fuels appear to have been relegated to the sidelines as new projects continue to surface.
From 2021 to 2024, the world’s largest 65 banks financed these fossil fuel projects to the tune of over .6 trillion, even as countries face international pressure to limit carbon emissions. Barclays Bank stands out as a primary financier, contributing .7 billion to 62 firms, including energy giants like Eni, ExxonMobil, and TotalEnergies. The environmental ramifications of such financial decisions have sparked reactions from experts, such as Louis-Maxence Delaporte, an energy research manager at Reclaim Finance, who remarked on the role major banks play in exacerbating climate change by continuing financial support for detrimental fossil fuel initiatives.
According to the report, China, Russia, and the United States are responsible for a significant portion of these “carbon bombs,” with China alone accounting for 43%. Notably, while Western oil companies spearhead many of these projects, Saudi Arabia’s Aramco emerges as a major contributor to total emissions, showcasing a complex landscape driven by energy dependence and economic interests.
Moreover, the report highlights more than 2,300 smaller extraction projects approved or initiated since 2021, each with potential emissions surpassing five million tonnes of CO2—equivalent to the annual emissions of a city like Paris. Collectively, these developments project excessive CO2 emissions that are estimated to be 11 times higher than the remaining global carbon budget necessary to maintain warming within safe limits. This situation necessitates an urgent re-evaluation of energy policies and underscores the importance of fostering sustainable investments that promote both economic growth and environmental stewardship.
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