IISD

No need for countries to issue new oil, gas or coal licences, study finds

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https://www.theguardian.com/environment/article/2024/may/30/no-need-for-countries-to-issue-new-oil-gas-or-coal-licences-study-finds

The paper is expected to reignite criticism of the UK’s Conservative government, which has promised hundreds of oil and gas exploration licenses to boost the North Sea industry. Photograph: Russ Bishop/Alamy

Researchers say world has enough fossil fuel projects planned to meet demand forecasts to 2050 if net zero is reached

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, according to a large study aimed at political leaders.

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, researchers at University College London and the International Institute for Sustainable Development (IISD) said on Thursday.

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.

Published in the journal Science, the paper 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.

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.

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Article continues at https://www.theguardian.com/environment/article/2024/may/30/no-need-for-countries-to-issue-new-oil-gas-or-coal-licences-study-finds

Continue ReadingNo need for countries to issue new oil, gas or coal licences, study finds

World’s richest countries gave record sums of public money to fossil fuel industry last year

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https://leftfootforward.org/2023/08/worlds-richest-countries-gave-record-sums-of-public-money-to-fossil-fuel-industry-last-year/

$1.4 trillion of public money went to the fossil fuel sector last year

Just Stop Oil protesting in London 6 December 2022.
Just Stop Oil protesting in London 6 December 2022.

Public financing of the fossil fuel industry by G20 countries reached record levels in 2022, a new report has found. The fossil fuel industry is among the sectors most directly responsible for driving the climate crisis.

According to a report by the International Institute of Sustainable Development (IISD), $1.4 trillion of public money flowed into the industry last year in G20 countries, which are among the world’s largest economies. The staggering sums are more than double that of the pre-covid period, despite commitments made at the Glasgow COP26 climate summit in which world leaders pledged to the phasing out ‘inefficient’ subsidies for fossil fuels.

The IISD research found that much of the support related to mitigating the cost of energy for consumers, but that one third was driving investment in new fossil fuel production, equivalent to around $440 billion.

The report’s authors wrote: “This support perpetuates the world’s reliance on fossil fuels, paving the way for yet more energy crises due to market volatility and geopolitical security risks. It also severely limits the possibilities of achieving climate objectives set by the Paris Agreement by incentivizing greenhouse gas (GHG) emissions while undermining the cost-competitiveness of clean energy.

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https://leftfootforward.org/2023/08/worlds-richest-countries-gave-record-sums-of-public-money-to-fossil-fuel-industry-last-year/

Continue ReadingWorld’s richest countries gave record sums of public money to fossil fuel industry last year