NGOs Warn of 28 New ‘Carbon Bombs’ Fueling Climate Crisis

NGOs Warn of 28 New ‘Carbon Bombs’ Fueling Climate Crisis

At least 28 large-scale fossil fuel extraction projects, known as “carbon bombs,” have started operating since 2021, despite their potentially catastrophic impact on the climate, a coalition of NGOs has warned.

“Carbon bombs” are defined as oil, gas, or coal projects capable of emitting more than one billion tonnes of CO₂ over their lifetimes. A 2022 study identified 425 such projects worldwide.

The year 2021 marked a critical point when the International Energy Agency declared that launching new oil and gas projects was incompatible with achieving the climate goals outlined in the 2015 Paris Agreement. Two years later, at COP28, nations pledged to begin phasing out fossil fuels.

The latest count by NGOs—Lingo, Data for Good, Reclaim Finance, and Éclaircies—shows that 365 carbon bomb projects remain active. The change in total reflects projects that have reduced output or been re-evaluated.

China accounts for 43 percent of these massive projects, followed by Russia with nine percent and the United States with five percent. While Western oil majors have the largest number of operations, Saudi Aramco and China’s CHN Energy are responsible for the highest emissions.

The report also highlighted more than 2,300 smaller extraction projects approved or launched since 2021, each with potential emissions exceeding five million tonnes of CO₂—comparable to the annual emissions of a city the size of Paris.

Combined, the total potential emissions from these projects are estimated to be 11 times greater than the remaining global “carbon budget” needed to keep warming below 1.5°C compared to pre-industrial levels—a key threshold set under the Paris Agreement.

Climate scientists warn that the world is on track to exceed this limit within the decade. Despite this, between 2021 and 2024, the world’s 65 largest banks collectively financed more than $1.6 trillion for companies involved in these high-emission projects.