The International Energy Agency was founded by wealthy industrialised nations after oil shocks in the 1970s to create a promote safe and affordable energy supply. Now, the agency said the world must immediately stop drilling for oil and gas to create a To prevent climate catastrophe.
Because the influential group said in a report on Tuesday, to achieve zero net CO2 emissions by 2050, investments in new fossil fuel supply projects must be stopped immediately and new coal-fired power plants must no longer be approved.
The strategy to limit global warming to 1.5 degrees
Which dramatic recommendations are part of a detailed strategy that, according to the IEA, would lead the world to Goal of the Paris Climate Agreement reached to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
Why 1.5 Degrees? Experts have repeatedly warned that the Crossing the threshold will lead to more extreme weather, greater sea level rise, forest fires, floods and food shortages for millions of people.
To prevent this, the IEA says that these milestones must be achieved:
- Immediate stop of new gas and oil projects.
- Electric vehicles must account for more than 60% of car sales by 2030
- No sale of new passenger cars with internal combustion engines from 2035.
- The global electricity sector will reach net zero emissions by 2040.
- 70% of electricity generation from sun and wind by 2050.
Economic benefits of the energy transition
According to the IEA, to achieve great economic benefits , if the world would follow the roadmap. The IEA is best known for its reports on energy supply and advice to many of the world’s most powerful economies. This makes it more difficult for skeptics to discard their results.
President Joe Biden has committed the United States to reduce its greenhouse gas emissions, for example, by 50 to 52% below 2005 emissions by 2030. The UK, Japan and Canada have also presented new targets.
Some energy companies are preparing for a future where oil and gas are a much smaller part of their business. The European giants Royal Dutch Shell and BWP move in this direction, for example, and are ahead of US competitors. BP has even said that demand for oil may have peaked in 2019. According to a Harvard study, Exxon is using Big Tobacco’s playbook to downplay the climate crisis.
Exxon Mobil is one of the laggards. At the end of last year, the company announced that by 2025 would spend up to $ 25 billion a year on capital investment and oil and gas exploration, even after the pandemic greatly reduced the demand for its products.
According to many experts, the IEA report signals the beginning of the end for the oil and gas industry and shows that every new fossil investment is made in the knowledge that it is not compatible with a 1.5-degree world. For this reason, many investors are already taking action against Exxon.
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