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Global climate damages from emissions associated with the top 25 oil and gas ‘carbon majors’ between 1985 and 2018 are estimated at 20 trillion USD compared to the 30 trillion USD they earned over the same period, according to a new report released today by international think tank Climate Analytics.

With the right international funding and policies in place, the Philippines could transition its’ power sector to near-100% renewable energy without compromising on the costs of electricity, reducing its reliance on expensive imports of both coal and gas, and creating up to a million jobs by 2050.

Global efforts to limit warming to 1.5°C are failing across the board, with recent progress made on every indicator — except electric passenger car sales — lagging significantly behind the pace and scale that is necessary to address the climate crisis.

The Production Gap Report finds governments plan to produce around 110% more fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C, and 69% more than would be consistent with 2°C.

An independent analysis of the projected emissions from the Northern Territory's proposed Beetaloo Basin gas fracking project — and the associated Middle Arm LNG precinct in Darwin Harbour — has found they've been gravely underestimated, as have the availability of offsets to deal with them.