environment
US plan to exploit Venezuela’s oil could eat up 13% of carbon budget to keep 1.5C limit
Exclusive: ClimatePartner analysis shows how move would risk plunging Earth further into climate catastrophe
TL;DR
- US plans to exploit Venezuela's oil reserves could consume 13% of the world's remaining carbon budget to limit global heating to 1.5C by 2050.
- Venezuela's oil reserves are the largest in the world, but its infrastructure is in disrepair due to sanctions.
- US President Trump has encouraged oil companies to invest $100bn to increase Venezuela's oil production.
- A modeled scenario of increased production by 2028 and further ramp-up by 2035 would consume this significant portion of the carbon budget.
- Venezuelan crude oil is classified as heavy and sour, requiring energy-intensive processes and having a high carbon intensity compared to other global oil sources.
- Environmental campaigners have condemned the US plans, calling them reckless and dangerous, and urging a transition to renewable energy.