Nothing Changes with Crude Oil Production: even when Celsius rises with Crude Oil Extraction
Nothing Changes with Crude Oil Production: even when Celsius rises with Crude Oil Extraction
Crude oil production, Credit, OPEC
The fossil fuel sector contributes a lot of money to Russia's export earnings, through the large volume of trade in crude oil, shale oil, and natural gas, with Russia's oil production figures hitting 11.2 million barrels in 2022, up from 11 million barrels recorded in the year before, 2021.
In 2022, oil production in the United States amassed around 760 million metric tonnes, an increase when compared with 2021, with the government projecting 12.9 million barrels of crude oil to be produced daily by 2023, more than double the oil and gas produced barely a decade ago.
A decade ago, China's oil production increased production to a stupendous 4.5 million barrels per day, but things haven't changed much by last year, with the country's total crude oil and natural gas output exceeding 208 million metric tonnes, equivalent to 4.16 million barrels per day, a 1.6 percent rise on the 2022 output, with natural gas companies pushing to tap deep, more challenging reserves to boost production.
In plain terms, while global daily temperature anomalies above 1.5 degrees Celsius became a common occurrence in 2023, to the point where close to 50 percent of days in the year heated up in excess of 1.5 degrees Celsius above the 1850-1900 levels, nations continued to carry out oil extractions at record levels, which explains why the United States, Russia, China, and others persisted in unsustainable oil production numbers.
In December 2022, G7 countries tried to curb Russia's crude oil production numbers, placing a price cap of $60 a barrel in an attempt to dry up Moscow's revenue streams for funding the war in Ukraine, but Russia discovered new export routes to replace Western markets, maintaining production through sales of 2.04 millions per day to China in July, exceeding exports from Saudi Arabia, which stood at 1.82 millions per day for the same month.
Earlier this month, reports emerged that efficiency gains in the United States will offset a decline in rig activity, with crude oil production set to climb to new records in 2024 and 2025, even though the growth is expected to slow from the one million barrels per day growth in 2023 from lower drilling activity.
China achieved higher drilling activities, through the growing appetite for primary energy, as the wealth of residents continued to improve after economic reforms in 1978, with GDP growth averaging over nine percent per year, allowing more than 800 million people to escape from poverty, leading to a greater usage of fossil fuels.
With Russia discovering new export routes designed to replace western demand for fossil fuels, and the United States achieving efficiency gains in the oil sector, and China and other nations growing their appetite for primary energy, it seems plausible to assume rising extraction of crude oil at record levels in the near future, making it a new tradition of recording a global daily temperature above 1.5 degrees Celsius many times in a year.
China's carbon dioxide emissions persisted in causing concerns in the third quarter of last year, rising at an estimated 4.7 percent year-in-year, following on the increases in the first quarter of the year, which failed to sustain emission decreases in record numbers in the year before.
Though Russia's carbon emissions in 2022 decreased relative to the numbers in the year before at about 1,46 billion metric tonnes, its territorial carbon dioxide emissions rose by 20 percent between 2000 and 2021, with the nation accounting for four percent of worldwide 2021 greenhouse gas emissions.
Greenhouse gas emissions in the United States fell by 1.9 percent in 2023, due to the decrease in the burning of coal for electricity, but America still accounted for a 14 percent of the 37.1 billion metric tonnes global carbon dioxide emissions in that year, having a carbon footprint roughly three times the global average for the year, at 14.9 tCo2.
At this high level of emissions, a development inspired by the rising rate of extracting crude oil, global temperature anomalies might continue to exist, with temperatures in excess of 1.5 degrees Celsius above the 1850-1900 levels complicating the situation in relation to climate change.
To prevent the worst manifestations of climate change, and keep temperatures at less than 1.5 degrees Celsius, emissions need to be reduced by 45 percent by 2030 and reach net zero by 2050, according to the Paris agreement, with top oil producing nations cutting back on crude oil extraction.
Sixty-nine of the world's oil producing nations pledged to enact policies towards achieving net zero emissions, by bringing down the rate of crude oil extraction, but all of these countries need to be serious about meeting their commitments, as only France, Spain, and Denmark actually have plans to eventually stop drilling.
Nations need phase-out plans to enable them slow down the trend of rampant crude oil drilling, and this can become possible through the rise in developments that limit fossil fuel usage, such as one in five cars sold in 2023 being an electric vehicle, such as the projected addiction to solar PV and offshore wind by 2030 now three times higher than 2021 in countries like China, such as a new record achieved through the addition of more than 500 gigawatts of renewable generation capacity accomplished last year.
Advances took place last year, and if nations look to build on them, the rising rate of crude oil extraction will be slowed, leading to the reduction in carbon emissions and days with temperature anomalies above 1.5 degrees Celsius, resulting in the management of climate change.
Exploding Sectors
As climate change intensifies with the use of fossil fuel, new technologies emerge, while some old technologies and products grow. Here are some of the exploding products for founders, creators, activists, and the rest.
Vertical farming, Credit, Eden Green
Plant-based meat sector
The plant-based food sector is more than just a niche market – it's a booming industry undergoing explosive growth and attracting major attention.
It encompasses any food product derived from plants, including everything from meat and dairy alternatives to snacks, beverages, and more.
The global Plant-Based food market size is predicted to expand by 3x, witnessing an increase from US$ 11.3 billion in 2023 to US$ 35.9 billion by 2033. Overall plant-based food sales are poised to surge at a stupendous CAGR of 12.2% between 2023 and 2023.
Vertical Farming
Vertical farming is a revolutionary way of growing crops, literally stacking layers of plants to produce food upwards instead of outwards.
Imagine leafy greens sprouting on shelves in a warehouse instead of fields under the sun – that's the essence of vertical farming.
The vertical farming market size was USD 4.16 billion in 2022 and is projected to grow from USD 5.05 billion in 2023 to USD 27.42 billion in 2030, exhibiting a CAGR of 27.3% during forecast period. North America vertical farming market size was USD 1.62 Billion in 2022.
Precision agriculture
Precision farming, also known as site-specific farming or smart farming, is a farming management strategy that uses technology and data to improve crop production and resource efficiency.
It allows farmers to make informed decisions about their crops based on specific data collected about their fields.
The global precision farming market is expected to grow from USD 9.7 billion in 2023 to USD 21.9 billion by 2031, at a CAGR of 10.7%
Opportunities for climate techs, founders, creators, and activists
Mission Blue@MissionBlue. As a partner of@SOAlliance, we are very happy to support the launch of the 2024 Ocean pitch challenge's call for applications! This is an international pitch competition co-organized with @Respect_Ocean aiming at supporting solutions having a positive impact on the ocean. Details: https://www.respectocean.com/ocean-pitch-challenge-2024-en/
Aspiring entrepreneurs have until midnight on Sunday, Jan. 21, to apply for a chance to win startup funding through the Tulane University Innovation Institute’s $50,000 Demo Day pitch competition. The contest, which will take place on March 14 at the New Orleans Entrepreneur Week 3rd Coast Investor Summit, will offer a $25,000 top prize with second- and third-place awards of $15,000 and $10,000 each. To apply, startup founders can visit the following link to submit a short video pitching their venture ideas.
CONNECTpreneur @Connectpreneur AFCEA International invites you to be a part of TechNet Emergence, held on March 11 and 12 in Reston, Virginia. If you are interested in presenting, please send your pitch deck to efenush@opus8.com.
A DEADLINE EXTENSION! Send in your submissions for the IATA FACE UP competition by 22 January 2024! Three finalists get to pitch their idea in front of industry professionals at #IATAWCS in Hong Kong. Visit to submit your application: http://iata.org/face-up
Blue-Chip Hub @BlueChipHub. We will be hosting another amazing Project Pitch Session scheduled thus: Date: 18th January, 2024 Time: 4pm UTC Venue: https://t.me/+RWU7f-TneZxlYmFk… To get your project onboard, send a DM to http://t.me/ZekeJayyyy
Purdue Innovates @PurdueInnovates. Looking to win some cash to help get your #startup off the ground? You're encouraged to apply for the Spring 2024 Crossroads Pitch Competition. Applications are open through Feb 14. The highest scoring contestant will win $10K from the Flywheel Fund.
In celebration of #BlackHistoryMonth #eMergeAmericas will host the CELEBRATE! pitch competition on Wed., 2/28 at 6 PM at the FREEHOLD, in partnership with Chris & Natalia's #MiamiTech Happy Hour. Applications are open to early-stage #startups with #Black #founders. The winner will be fast-tracked into the 2024 eMerge Accelerator + Showcase. APPLY TODAY https://bit.ly/3HmUWkz
GitLab @gitlabUnleash your creativity with our Innovation Pitch Competition! Showcase your innovative projects, grow with our community, and have a chance to win awesome prizes. Submissions are open until 2/26! Learn more: https://bit.ly/48Is0iP #EveryoneCanContribute
Applications for the EU-Startups Pitch Competition taking place in Malta are now open! This is your chance to showcase your startup and compete for an attractive prize package valued at over 120K! Details: https://www.eu-startups.com/2024/01/applications-for-our-big-pitch-competition-at-this-years-eu-startups-summit-are-now-open/
What to Eat
Vegan diet from China, Credit, Green Queen
Do you think lab-grown meat could have a profound effect on climate as well? Your mention of plant-based meat got me thinking.
Yes, lab grown meat could have a profound effect on climate. As a matter of fact, lab-grown meat contains the exact same nutrition and animal protein as conventionally produced beef, pork, or chicken. Plant-based meat have lower greenhouse gas emissions than meat and dairy.