Fossil fuel reserves in G20 countries embed over a trillion tons of CO2 equivalent greenhouse gases—enough to blow not just the 1.5ºC but the 2ºC carbon budget
Emissions from fossil fuel extraction across the G20 nations have almost doubled since the Rio Summit in 1992, and have been responsible for 73% of global emissions over those three decades, reveal a new report.
The report titled G20 Carbon Bombs: Threat of Fossil Fuel Reserves vs. Opportunity for a Just Transition was launched as South Africa begins its term as G20 President on December 3.
The Fossil Fuel Non-Proliferation Treaty Initiative did the research with data from the Global Registry of Fossil Fuels.
It was found that the G20’s richer OECD members – the US, Canada, Australia, the UK, Germany, and Italy – are best placed to transition their economies away from fossil fuels first and fastest.
In fact, all major fossil fuel-extracting economies in the G20 are in a better position to tackle the transition than they were three decades ago, as fossil fuel extraction as a share of economic activity across the G20 has decreased—particularly in China, Mexico, Indonesia, Brazil, and India, the study says.
Fossil fuel reserves in G20 countries embed over a trillion tons of CO2 equivalent greenhouse gases—enough to blow not just the 1.5ºC but the 2ºC carbon budget.
Leaders of G20 nations gathered in Rio last month and issued a declaration reaffirming the outcome of COP28, which included a commitment to “transition away from fossil fuels”.
Additionally, the Rio outcome makes just one mention of fossil fuels – reiterating the group’s commitment from 2009 to ”phase-out and rationalise, over the medium term, inefficient fossil fuel subsidies”. However, in 2022 alone, G20 members spent $1.4 trillion to support the fossil fuel industry.
The omission of specific further commitments to phase out fossil fuels is particularly concerning given oil and gas projects under development across the G20 embed 70 billion tonnes of CO2 equivalent greenhouse gases, two-thirds of the global total.
Despite the dwindling carbon budget and their recent commitments to “transition away from fossil fuels”, many of the wealthiest G20 nations have considerable fossil fuel expansion plans despite claiming to be “climate leaders”, the study says.
“This includes Australia, the world’s second-largest fossil fuel exporter with the largest pipeline of proposed coal export projects; Canada, which has tripled gas extraction over the past three decades; and the US, which has more than a third of the expansion of global oil and gas production planned by mid-century,” it adds.
The report outlines country-specific, equitable, 1.5ºC-aligned fossil fuel phase out dates and the international financial support required to meet them as outlined in the Equitable Phase Out of Fossil Fuel Extraction report.
Kumi Naidoo, president of the Fossil Fuel Non-Proliferation Treaty Initiative, said, “Last month, G20 nations returned to Rio, the site of the Earth Summit in 1992. In those 32 years, these twenty countries have extracted fossil fuels that are responsible for 73% of global emissions – and many of the wealthiest countries in the group have plans to massively expand their coal oil and gas extraction and exports in the years ahead.
“This fossil-fueled insanity is threatening everything we love. Our own children will live in this future. Can you honestly look into their eyes and say you did everything in your power to stop it?” Naidoo said.
Mitzi Jonelle Tan, climate activist for Fridays For Future Philippines, said: “This report lays bare the hypocrisy of the wealthiest G20 nations proclaiming themselves ‘climate leaders’ while relentlessly expanding fossil fuel projects that have driven us closer to catastrophe over the past 30 years.
“Their commitments to transition away from fossil fuels and phasing out subsidies ring hollow as they double down on extraction. For frontline communities, this isn’t just a betrayal—it’s a death sentence. It’s time for G20 leaders to step up, abandon empty promises, and fulfil their responsibility: no more fossil fuel expansion, only genuine climate action rooted in justice,” Tan added.
Tori Tsui, climate activist, writer and Senior Advisor for the Fossil Fuel Non-Proliferation Treaty, said: “This report reveals a stark truth: the wealthiest G20 nations, responsible for the majority of global emissions over the past 30 years, continue to expand fossil fuel projects, failing both the planet and its people. A Fossil Fuel Treaty is crucial to hold these nations accountable, phase out extraction, and lead a global just transition that prioritises the communities bearing the brunt of their inaction.”
