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EIC report warns of climate shortfall as North America expands both renewables and oil & gas

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North America’s energy sector experiencing a historic surge in renewable energy projects while at the same enabling a fossil fuel expansion that is threatening the continent’s climate commitments, according to a report by global energy trade association and data and analytics provider, the Energy Industries Council (EIC).
EIC report warns of climate shortfall as North America expands both renewables and oil & gas
Courtesy of Energy Industries Council (EIC).

The region added 214 utility-scale energy facilities last year, with over half being wind, solar, and storage installations. Yet simultaneous record growth in LNG exports, oil drilling, and petrochemical production is a clear indication that, in the region, conventional and new energies will walk hand in hand at least over the next few years even if at the expense of meeting climate pledges.

“This isn’t a transition, it’s a coexistence” said Rebecca Groundwater, EIC’s head of external affairs. “Governments are scaling renewables to meet climate goals but doubling down on fossil fuels to hedge economic and geopolitical risks. The situation mirrors global struggles to balance decarbonisation with energy security.”

Solar dominated renewable growth, with 100 GW of installed capacity across North America, 88 percent of it in the US Nevada’s 690 MW Gemini Solar-Plus-Storage project, the continent’s largest, began operations in July 2024, pairing photovoltaic panels with a 380 MW battery system. Wind remains, however, the top renewable source at 214 GW, though new installations fell 35 percent year-over-year as developers opted to repowering aging turbines.

However, fossil fuels retain a firm grip. The US became the world’s top LNG exporter in 2024, shipping 11.9 billion cubic feet per day (Bcf/d) to Europe and Asia—that’s up 27 percent from 2023. Canada’s Trans Mountain Pipeline expansion, completed in May 2024, tripled oil sands crude capacity to 890,000 barrels per day (b/d), while Mexico’s state-owned PEMEX launched the 340,000 b/d Dos Bocas refinery—a $12 billion project opposed by environmental groups.

“Fossil fuels aren’t retreating” added report author Victória Marques. “Gas is now framed as a ‘bridge’ fuel and oil as ‘strategic,’ while carbon capture as the magic bullet that removes at least some of the carbon emitted by both.”

The report discusses how North America is utilising resources to reshape global alliances. US LNG exports have weakened Russia’s energy stranglehold on Europe, with projects like Venture Global’s 12 million-ton-per-annum (mtpa) Plaquemines terminal in Louisiana accelerating shipments. Meanwhile, Canada is positioning itself as a critical minerals hub, supplying lithium and cobalt for EV batteries amid US-China trade tensions.

Mexico, which has long been an oil-centric economy, is making a $21 billion bet on green hydrogen. Projects like the 1.2 GW Helax-Isthmus facility in Oaxaca aim to produce 900,000 tons of green ammonia annually by 2032, targeting export markets in Europe and Asia.

“Mexico’s hydrogen bet is a good case in hand” Ms Marques said. “Emerging economies aren’t just energy consumers anymore. They’re disruptors in the clean tech race; we’re seeing this globally where developing economies in regions like Africa could play a major role in supplying the world with green hydrogen.”

Nuclear power is also reviving, driven by AI’s massive energy demands and shifting politics. The US ban on Russian uranium imports, enacted in March 2024, has forced utilities to restart domestic nuclear fuel production after decades of reliance on Moscow.

Next-gen projects are gaining traction too: Canada’s Ontario Power Generation plans to deploy a 300 MW small modular reactor (SMR) at its Darlington site by 2028, while Holtec International seeks to reopen Michigan’s Palisades plant—shuttered in 2022—to power data centres.

Despite progress, the report warns North America is off-track for 2030 targets. Methane leaks from US oil fields and Canada’s oil sands cancel out emissions cuts from solar farms. Clean energy job growth lags fossil fuel employment in states like Texas and Alberta.

For additional information:

Energy Industries Council (EIC)

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