Top Posts
Report: Nigeria, others may lose $300 billion, 49m...
Pope Leo hits out at climate change critics
Nigeria insurers prepare to global delegates on climate...
Energy Dept. asks employees not to use words...
Protesters seek $5tr payment from fossil fuel companies
Borno govt, NGOs demand funding on climate change...
Lagos rolls two-year flood plan to integrate lakes,...
UN official says climate change displaces up to...
UN ends high-level week with calls for peace,...
Ahead of COP30 conference, new national climate plans...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Report: Rich nations must urgently end oil production to meet climate goals

by admineconai March 25, 2022
written by admineconai March 25, 2022
1.2K

A report released by the Tyndall Centre for Climate Change Research has shown that rich countries must as a matter of urgency, end their oil and gas production by 2034 if global warming must be capped at 1.5 degrees Celsius.

The 70-page analysis, which was released on Tuesday, March 22, came after over 200 nations kicked off a two-week negotiation to validate a landmark assessment of options for reducing carbon pollution and extracting Carbon dioxide from the air.

It will be recalled that the overarching objective, enshrined in the 2015 Paris Agreement, was to cap global warming “well below” 2 degrees celsius, and 1.5 degrees celsius if possible.

It is believed that if achieved, the latest move would give poorer nations time to replace fossil fuel income.

Research has shown that although some poorer nations produced only a tiny percentage of global output, they were so reliant on fossil fuel revenues that rapidly removing this income could undercut their economic or political stability.

Read also: Research: ‘Climate-smart’ policies could increase crop production in Africa

“Countries such as South Sudan, the Republic of Congo and Gabon had little economic revenue apart from oil and gas production,” the Tyndall Centre report showed.

The report further showed that by contrast, wealthy nations that are major producers would remain rich even if fossil fuel income were removed.

It showed that Oil and gas revenue, for example, contributed eight per cent to the United States Gross Domestic Product, but the country’s GDP per capita would still be about $60,000, making the country the second-highest in the world among oil and gas producing nations.

Lead author of the research and professor of energy and climate change at the University of Manchester, Kevin Anderson, said “We use the GDP per capita that remains once we’ve removed the revenue from oil and gas as an indicator of capacity,”

He explained that there are well over 88 countries in the world that produce oil and gas.

“We calculated emissions phase-out dates for all of them consistent with the Paris Agreement temperature goals,” Anderson said. “We found that wealthy countries need to be at zero oil and gas production by 2034,”.

The report further stated that by calculation, the very poorest countries could continue to produce out to 2050, even as other countries such as China and Mexico were said to be somewhere in between the calculation.

Story was adapted from Punch.

GasGlobal warmingOilProduction
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Research: ‘Climate-smart’ policies could increase crop production in Africa
next post
WMO, UN target early warning systems for all

Related Posts

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

UN ends high-level week with calls for peace,...

September 30, 2025

China announces plans to cut greenhouse gas emissions...

September 25, 2025

China locks down as Super Typhoon Ragasa nears...

September 24, 2025

Trump says climate change ‘greatest con Job in...

September 24, 2025

PERILS sets final industry loss estimate for 2024...

September 22, 2025

Guterres says 1.5C climate warming goal could fail

September 22, 2025

Australia sets 62-70% GHG emission reduction target by...

September 22, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World