Cop29 has drawn to a close with arguments over a $250 billion (£200 billion) a year ‘loss and damage’ fund, which developing countries complain is not nearly enough to match their demands. But away from the grand gestures at the summit it is worth looking at what countries are actually doing rather than what they say they are going to do. The answer to that seems to be drilling for more oil.
According to the International Energy Agency (IEA), the global supply of oil in October rose by 290,000 barrels a day to reach 102 million barrels per day. That is just as well given that the IEA predicts that global oil demand will rise by a further 1 per cent to reach a record 103.8 million barrels per day in 2025.
There’s no sign of peak gas or peak coal any more than there is of peak oil
While production has fallen in Iran and Kazakhstan, this seems to be being more than offset by the return of production in Libya as well as significant increase in production by the US, Brazil, Canada, Argentina and Guyana.
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