Power groups need to suspend new oil and gas projects to zero by 2050, IEA says

Energy groups are expected to suspend all new oil and gas exploration activities from this year if climate change needs to be monitored, the International Energy Agency has said.

The instructions are part of a list of items in reports in the case of zero carbon dioxide emissions by 2050, the key to achieving the legitimate goal of the Paris climate is to reduce global warming to 1.5C more than before the epidemics.

Aside from drastically reducing oil emissions, an unexpected jump to low-cost gas technologies will also be needed – about $ 5tn in annual energy supplies by 2030, starting at $ 2tn today, the report said.

“We want economic growth,” said Fatih Birol, head of the IEA in Paris on Tuesday, adding that this would add 0.4% per annum to GDP growth. Most of them need clean energy. ”

IEA Report by Net Zero comes as an organization founded in 1974 when Western diplomats were pressured by meteorologists to map out the light.

It explains the renewable energy and the need for coal demand to increase by 90%, the demand for gas is reduced and oil needs to fall by about 75% by 2050.

Dave Jones, an investigator at the climate forecasting tank in Ember, said the call for a report to stop the oil and gas exploration was shocking in light of the agency’s history.

“I don’t think anyone expects this from the IEA. It’s a big turnaround, ”he said. . . This is a real knife in the oil industry. ”

Many of the world’s economies are affected by some form of emissions, which means eliminating almost all of the carbon dioxide emissions and reimbursing the rest through carbon emissions programs.

Although the report is not predictable or speculative, the IEA’s actions are considered to be valid by most governments and are often the basis of electronic policy.

Many governments, including the UK, the EU and China, promise to reduce emissions to zero, an IEA report outlines how difficult it will be to get there. “It’s a narrow road,” Birol said. “But it is possible.”

Many major oil companies and exporters, such as Opec, have argued that the cost of oil production should continue to boost the Asian and African economies.

However, oil shortages are more dangerous than many manufacturers have planned. The share of oil in the world power should drop from about four-fifths right now to one-fifth by 2050. The sun will be the largest source of energy – or 20% of the world’s energy.

“Countries whose economies depend on oil and gas prices will face significant challenges,” Birol said. “We have acquired more than 400 items, and one of them is – there is no need to invest in oil, gas and coal, which no longer require fuel and gas.”

Royal Dutch Shell CEO Ben van Beurden, speaking at the company’s annual general meeting on Tuesday, said there should be a non-artificial beverage system in place to reduce emissions.

Although Shell has already banned the exploration and drilling of oil in new areas after 2025, van Beurden said “another company could come in to do this.” He added that the company would continue to drill in established areas, such as the Gulf of Mexico, to meet demand.

The IEA acknowledged that “continued oil sales are essential”. And, despite oil shortages, the share of oil prices controlled by Opec will increase, from 37% to 52% in 2050, according to the report.

They anticipate global carbon offsets by the year 2040, as well as an increase in investment over the next decade of new technologies such as batteries and hydrogen hydrolysers.

Joeri Rogelj, a lecturer in climate change at Imperial College, called the IEA’s events unnecessary.

Improving energy means that the demand for global energy by 2050 will be 8% lower than it is today, even though the global economy will be doubled. Electricity consumption is growing, accounting for about half of all electricity by 2050.

“The IEA is used as a model for many plans, governments and corporations,” said Rogelj, who called on the IEA to create a one-stop shop.

The IEA’s recent actions have been widely criticized for failing to integrate sufficient resources, and undermining the world’s energy and wind power base.

“Looking back over the past decade, IEA events have always been a bit lagging behind,” Rogelj said. “The IEA is a slow, gray, swollen, and dusty machine, and it only takes a while…. But I’m glad to see that the IEA has now come to zero.”

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