G20 CARBON BOMBS: THREAT OF FOSSIL FUEL RESERVES VS OPPORTUNITY FOR A JUST TRANSITION

The report highlights that G20 fossil fuel reserves contain over a trillion tons of CO2 equivalent, which would exceed the 2ºC carbon budget if fully extracted. It notes that emissions from G20 fossil fuel extraction nearly doubled between the 1992 Rio Summit and 2020. Despite this, the document argues that G20 economies have become less dependent on fossil fuel rents over the last three decades, making them better equipped to transition. It specifically identifies the USA, Canada, Australia, the UK, Germany, and Italy as being best placed to transition first and fastest.

• Fossil fuel reserves within G20 countries contain more than a trillion tons of CO2 equivalent greenhouse gases, a volume sufficient to exceed both the 1.5ºC and 2ºC carbon budgets.
• Emissions resulting from fossil fuel extraction in G20 nations nearly doubled between the 1992 Rio Summit and 2020, increasing from 17.4 billion tons CO2eq to just under 33 billion tons.
• G20 countries were responsible for 73% of global emissions from fossil fuel extraction during the 32-year period following the Rio Summit.
• Current oil and gas projects under development in the G20 embed 70 billion tons of CO2eq, representing two-thirds of the global total.
• Economic dependence on fossil fuel extraction rents in G20 countries has declined; in 1992, 52% of emissions were in economies where rents exceeded 5% of GDP, falling to just under 20% by 2020.
• Wealthy OECD members of the G20—specifically the USA, Canada, Australia, the UK, Germany, and Italy—are the best positioned to lead the transition because fossil rents accounted for 2% or less of their economies by 2020.
• A 'Business as Usual' scenario for G20 reserves would release approximately 855 gigatons of emissions by 2050, potentially leading to global warming of 2.5ºC or higher.

APA

West, J. (2024). G20 CARBON BOMBS: THREAT OF FOSSIL FUEL RESERVES VS OPPORTUNITY FOR A JUST TRANSITION. Fossil Fuel Non-Proliferation Treaty Initiative. https://www.fossilfueltreaty.org/s/G20-Carbon-Bombs-Threat-of-Fossil-Fuel-Reserves-vs-Opportunity-for-a-Just-Transition.pdf

Chicago

West, Johnny. G20 CARBON BOMBS: THREAT OF FOSSIL FUEL RESERVES VS OPPORTUNITY FOR A JUST TRANSITION. Fossil Fuel Non-Proliferation Treaty Initiative, 2024. https://www.fossilfueltreaty.org/s/G20-Carbon-Bombs-Threat-of-Fossil-Fuel-Reserves-vs-Opportunity-for-a-Just-Transition.pdf.

Wikipedia

{{cite report |last1=West |first1=Johnny |title=G20 CARBON BOMBS: THREAT OF FOSSIL FUEL RESERVES VS OPPORTUNITY FOR A JUST TRANSITION |publisher=Fossil Fuel Non-Proliferation Treaty Initiative |date=November 2024 |url=https://www.fossilfueltreaty.org/s/G20-Carbon-Bombs-Threat-of-Fossil-Fuel-Reserves-vs-Opportunity-for-a-Just-Transition.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{west2024g20, author = {West, Johnny}, title = {{G20 CARBON BOMBS: THREAT OF FOSSIL FUEL RESERVES VS OPPORTUNITY FOR A JUST TRANSITION}}, institution = {Fossil Fuel Non-Proliferation Treaty Initiative}, year = {2024}, month = nov, url = {https://www.fossilfueltreaty.org/s/G20-Carbon-Bombs-Threat-of-Fossil-Fuel-Reserves-vs-Opportunity-for-a-Just-Transition.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }