Global Registry of Fossil Fuels

That this House notes that the 2021 UNEP Production Gap Report found that governments plan to produce more than twice the amount of fossil fuels in 2030 than is consistent with limiting warming to 1.5°C and calls for verifiable and comparable data on the location, quantities and ownership of fossil fuels; notes that, to date, climate change policy efforts have not focussed on reducing supply of those fuels; welcomes the launch of a new Global Registry of Fossil Fuels, the world’s first public database of fossil fuel production and reserves expressed in CO2-equivalent, which is designed to give policymakers, investors and civil society the asset level data to help manage the phase-out of fossil fuels; is alarmed that the Global Registry shows producing and combusting the world’s known fossil fuel reserves would emit over seven times more greenhouse gas emissions than the remaining carbon budget for 1.5C and more than all emissions produced since the industrial revolution; believes that the Registry will help give markets information to estimate which assets are likely to become stranded, act as a carbon budget assessment tool, help just transition planning, and promote government accountability for fossil fuel reserves and production within national territories; calls on the UK Government to join the governments of countries such as Germany, France, Tuvalu and Ireland, which have given diplomatic support to the Registry, and to commit to reporting to the Registry, which currently contains data for over 50,000 fields in 89 countries, covering 75 percent of global production.