According to a new report by prominent climate change researchers, the global fossil fuel industry is experiencing a “gold rush.”

Enhanced by Russia’s invasion of Ukraine, soaring energy prices have prompted new investments in oil and gas.

According to a report by Climate Action Tracker (CAT), global warming may be irreversible.

There is widespread agreement that the emission of greenhouse gases from fossil fuels must be drastically reduced by 2030.

This is believed to be the only way to limit global temperature increases to 1.5 degrees Celsius and avoid the most detrimental effects of climate change.

Professor Niklas Hohne of NewClimate Institute, a CAT partner, remarked, “There seems to be a gold rush for new fossil fuel infrastructure.”

“It is supposed to help with short-term energy supply, but once the new infrastructure is built, it will be there for decades, and we will miss our climate goals,” he said.

Russian gas
The report arrives as diplomats gather in Bonn for a United Nations conference on climate change amid new energy security concerns.

Since the beginning of the Ukraine conflict, the majority of Western nations have sought to reduce or eliminate their purchases of Russian fossil fuels.

Many have announced more ambitious goals for transitioning to renewable energy sources, such as wind and solar, while also seeking gas and oil sources outside of Russia.

New liquefied natural gas (LNG) facilities have been proposed in Germany, Italy, Greece, the Netherlands, and Canada, according to Climate Action Tracker (CAT). The United States, Qatar, Egypt, and Algeria have all signed agreements to export Liquefied Natural Gas (LNG) to various parts of the European Union, while gas projects are being revived in West Africa.

“Persistent warming”
The CAT report states, “If all these plans materialize, they will either result in massive stranded assets or lock the world into irreversible warming.

UN scientists have identified certain events like the melting of large ice sheets, or permafrost, which might act as “tipping points” unleashing further accelerated climate change.

The EU’s plans to move away from using Russian fossil fuels and towards renewables have been criticized for continuing to fund fossil fuel infrastructure.

As part of what’s called “REpowerEU” up to €12bn have been earmarked for gas pipelines and import facilities for liquefied natural gas (LNG) in what the European Commission says is a short-term move to secure energy supplies while renewable capacity is built.

Jackdaw gas field
In the UK, regulators last week approved the development of a gas field in the North Sea, east of Aberdeen, which has the potential to produce 6.5 percent of Britain’s gas output. Shell’s proposals for the Jackdaw field were initially rejected on environmental grounds in October last year and approval came as the UK government seeks to boost domestic energy output.

We’re turbocharging renewables and nuclear, but we are also realistic about our energy needs now,” UK Business Minister Kwasi Kwarteng posted at the time on Twitter. “Let’s source more of our necessary gas from British waters to ensure energy security.”