Europe Plans to Invest $130 Billion Into New Oil and Gas Infrastructure

The United States has been pulling out of the Paris Climate Accords since 2019. It turns out that other countries haven’t necessarily been so great either. According to the World Resources Institute, 15 countries have plans or policy to reach net-zero emissions by 2050. While a majority may reach their goals, new research shows Germany and the United Kingdom, the largest emitters in the region, will most likely not.

According to Global Energy Monitor, a non-profit that tracks and documents polluting companies and governments investing in the fossil fuel industry, European countries are planning to invest almost $130 billion. These investments are in gas-fired power plants, liquefied natural gas import terminals and gas pipelines. The United Kingdom and Germany have policy to greatly reduce emissions at the same time as allowing new investments in the fossil fuel industry that will make it nearly impossible to reach their own goals.