A handful of wealthy nations, led by the United States, have been accused of derailing global efforts to phase out oil and gas, even as poorer countries shoulder the costs of climate change, a new report said on Tuesday.
According to 'Planet Wreckers: Global North Countries Fueling the Fire Since the Paris Agreement' by research group Oil Change International, the US, Australia, Canada and Norway have together increased oil and gas production by almost 40 per cent between 2015 and 2024 — while the rest of the world reduced extraction by 2 per cent.
The US alone accounted for more than 90 per cent of the net global increase in fossil fuel production over the past decade, expanding output by nearly 11 million barrels of oil equivalent a day — five times more than any other country.
Australia recorded the sharpest rise, up 77 per cent, followed by Canada (28 per cent) and Norway (7 per cent).
By contrast, several energy-dependent nations in the Global South, including Saudi Arabia, Algeria and Qatar, have either held production steady or cut back. The report noted that while these economies rely heavily on oil and gas revenues, they have shown greater restraint than wealthier countries with far more means to shift towards cleaner energy.
The study accused developed nations of expanding fossil fuel extraction while failing to deliver on their promises of climate finance.
Since 2015, Global North countries have provided only USD 280 billion in grant-based support to the developing world — a fraction of the USD 1 trillion to USD 5 trillion required each year for a just energy transition. Over the same period, oil and gas companies headquartered in these nations earned USD 1.3 trillion in profits.
COP29: Instead of trillions, rich nations offer $250 bn per year by 2035“Ten years ago in Paris, countries promised to limit warming to 1.5 degrees Celsius, which is impossible without putting an end to fossil fuel expansion and production. The rich countries most responsible for the climate crisis have not kept that promise. Instead, they have poured more fuel on the fire and withheld the funds needed to put it out,” said Romain Ioualalen, global policy lead at Oil Change International.
“The fact that a handful of rich Global North countries, led by the US, have massively driven up their oil and gas production while people around the world suffer the consequences is a blatant mockery of justice and equity. These countries have a moral and legal obligation to move first to phase out fossil fuels and deliver the trillions needed in climate finance on fair terms to the Global South. Anything less is a betrayal of science and abdication of responsibility,” he added.
The report comes ahead of COP30 — from 10 to 21 November — in Belém, Brazil, where countries will take stock of global progress under the Paris Agreement.
Oil Change International warned that the world could exhaust its remaining carbon budget within three years unless major producers take urgent action.
The report also accused rich nations of “climate hypocrisy”, saying they backed the COP28 commitment to transition away from fossil fuels while continuing to approve new oil, gas and coal projects.
It cited Australia’s recent approval of the North West Shelf Gas Project extension, which alone could consume 6 per cent of the carbon budget left for limiting warming to 1.5°C.
The report said the Global North’s dual approach — expanding fossil fuels while withholding finance — has deepened what it called “climate colonialism”, in which developing countries suffer the worst climate impacts while grappling with debt and limited resources to fund their own transitions.
Oil Change International estimated that rich countries could raise at least USD 6.6 trillion a year for an equitable fossil fuel phase-out by taxing polluters and the super-rich, cancelling debts owed by the Global South and reducing military spending. With broader financial reforms, that figure could rise to USD 11 trillion annually.
The report urged wealthy governments to stop issuing new oil and gas licences, adopt clear phase-out plans consistent with the 1.5°C target, make fossil fuel companies pay for transition and clean-up costs, and provide at least USD 1 trillion a year in grant-based climate finance.
It also called on them to back reforms in the global financial system and join emerging efforts like the proposed Fossil Fuel Non-Proliferation Treaty — an initiative gaining support among developing countries. Colombia will host the first global conference on the fossil fuel phase-out in April next year.
With PTI inputs
