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Created by the nonprofit Carbon Tracker Initiative think tank and research and analysis organization Global Energy Monitor, the Global Fossil Fuel Register is the first independent and publicly accessible database of its kind.
In addition to quantifying what is unearthed and the associated greenhouse gas emissions, it will show how this fits the goal of limiting the global temperature increase to 1.5 ° C.
When burned, fossil fuels produce carbon dioxide and are the main driver of climate change.
They are also a major contributor to air pollution, which causes at least seven million premature deaths each year worldwide.
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COP26: ancient Scottish clams and “cheese-based” sponges among protected seals …
Oil, gas and coal are responsible for over 75% of global greenhouse gas emissions and almost 90% of all carbon dioxide produced since the industrial revolution.
The database was designed to improve transparency and accountability.
It will allow policymakers and experts to assess whether countries are on track to meet their climate commitments and help identify ways to phase out fossil fuels.
It could also prompt investors to sever ties with climate-polluting companies.
Ted Nace, Executive Director of Global Energy Monitor, said: “Developing this dataset is the first step in a virtuous circle of transparency.
“The more the inventory of carbon in the soil advances, the more useful it becomes and the greater the pressure on countries and companies for full transparency.
“Ultimately, the carbon in soil profoundly affects all of humanity, which means all of humanity will benefit from understanding its distribution, ownership, state of development and future trajectory.”
The announcement at COP26 comes just days after more than 40 countries agreed to move away from coal – although some of the biggest users, including Australia, China, India and the United States, have not registered.
And on the same day that Costa Rica and Denmark launched the Beyond Oil & Gas Alliance – a group of governments committed to setting an end date for oil and gas exploration and extraction – with signatories including Ireland, France, Greenland, Quebec, Sweden, Wales, New Zealand, Portugal and Italy, but not Scotland.