A large study aimed at political leaders has shown that the world has enough fossil fuel projects planned to meet global energy demand forecasts to 2050 and governments should stop issuing new oil, gas and coal licences.
Researchers at University College London and the International Institute for Sustainable Development (IISD) said on Thursday that If governments deliver the changes promised in order to keep the world from breaching its climate targets no new fossil fuel projects will be needed.
The data offered what they said was “a rigorous scientific basis” for global governments to ban new fossil fuel projects and begin a managed decline of the fossil fuel industry, while encouraging investment in clean energy alternatives.
By establishing a “clear and immediate demand” political leaders would be able to set a new norm around the future of fossil fuels, against which the industry could be held “immediately accountable”, the researchers said.
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The paper which was published in the journal Science, analysed global energy demand forecasts for oil and gas, as well as coal- and gas-fired electricity, using a broad range of scenarios compiled for the UN Intergovernmental Panel on Climate Change that limited global heating to within 1.5C above pre-industrial levels.
Dr Steve Pye, a co-author of the report from the UCL Energy Institute, said: “Importantly, our research establishes that there is a rigorous scientific basis for the proposed norm by showing that there is no need for new fossil fuel projects.”
It found that in addition to not needing new fossil fuel extraction, no new coal- and gas-fired power generation was needed in a net zero future. The paper is expected to reignite criticism of the UK’s Conservative government, which has promised to offer hundreds of oil and gas exploration licenses to boost the North Sea industry, a policy that has emerged as a key dividing line with the opposition Labour party before the 4 July general election.
Labour has vowed to put an end to new North Sea licences if it comes to power, and also plans to increase taxes on the profits made by existing oil and gas fields to help fund investments in green energy projects through a new government-owned company, Great British Energy.
Story was adapted from the Guardian.
