June 4, 2021

LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate crisis.

Policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark accord widely recognized as critically important to avoid the most devastating impact of climate change.

Almost 200 countries, including Russia and Saudi Arabia, ratified the Paris climate accord in 2015, agreeing to pursue efforts to limit the planet’s temperature increase to 1.5 degrees Celsius above pre-industrial levels. The agreement requires net-zero greenhouse gas emissions by 2050.

Read more:

https://www.cnbc.com/2021/06/04/climate-russia-saudi-arabia-reject-calls-to-end-oil-and-gas-spending.html