No new oil, gas, or coal licenses needed as existing projects meet demand forecasts for 2050, study shows
In a recent study, researchers at University College London and the International Institute for Sustainable Development (IISD) said that sufficient fossil fuel projects are already in the works to meet global energy needs until 2050. Therefore, governments should halt the issuance of new licenses for oil, gas, and coal.
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.
The paper, featured in the journal Science, examined global energy demand predictions for oil, gas, and coal-fired electricity. It utilized various scenarios outlined by the UN Intergovernmental Panel on Climate Change, all of which aim to restrict global warming to 1.5°C above pre-industrial levels.
Also read: Climate protestors target TotalEnergies over new oilfield development plans
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.”
“The clarity that this norm brings should help focus policy on targeting the required ambitious scaling of renewable and clean energy investment whilst managing the decline of fossil fuel infrastructure in an equitable and just way,” Pye added.
The report built upon the efforts of the International Energy Agency (IEA), which has cautioned in recent years that initiating new fossil fuel projects would not align with the global objective of establishing a Net-Zero energy system.
Also read: Additional $34 trillion needed to meet net-zero goals by 2050, new report shows
The paper is anticipated to revive criticism of the UK’s Conservative government, which has pledged to grant numerous oil and gas exploration licenses to support the North Sea industry.
This policy has become a significant point of contention with the opposition Labour Party ahead of the upcoming July 4 general election.
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