Skip to main content

International Energy Agency floats new plan to end oil, gas, and coal expansion

In major shift, International Energy Agency (IEA)’s World Energy Outlook has mainstreamed 1.5°C pathway, showing need to end oil, gas, and coal expansion, insisting on new fossil fuel phase-out benchmarks in order to test government ambition ahead of COP26. A report by Oil Change International, distributed by BankTrack:
***
For the first time, the International Energy Agency (IEA)’s flagship annual report on global energy pathways, used worldwide to influence trillions of dollars in investment, details an achievable roadmap to keep global heating below 1.5 degrees Celsius (°C). By making a 1.5°C scenario the benchmark of this year’s World Energy Outlook (WEO), the IEA challenges governments and companies to back up lagging Paris pledges with immediate action to shift the energy system away from fossil fuels.
Notably, this year’s WEO solidifies the policy conclusion, first presented by the IEA in May, that no new oil, gas, and coal extraction projects should be approved under a 1.5°C-aligned pathway, alongside a surge of investment into clean energy and efficiency solutions. This finding bolsters climate campaigners’ demands that governments and financial institutions take immediate action to stop investing in new fossil fuel extraction and rapidly increase climate finance heading into this year’s COP26 summit in Glasgow.
Oil Change International experts released the following statements in response to WEO 2021:

David Tong, Global Industry Campaign Manager, Oil Change International:

“Today’s report is a step change for the International Energy Agency. This year’s World Energy Outlook confirms that investment in new fossil fuel projects will undermine our chance to limit warming to 1.5ºC. In contrast, investing in clean energy brings huge benefits. A massive scale up of clean energy would ensure energy access, reduce price shocks, prevent millions of deaths from air pollution, and create millions more jobs. The days of the WEO being used to justify dangerous investments in fossil fuel expansion must be over.
“Now, the challenge is set for governments and investors. Will they stop approving and funding new oil and gas expansion? In particular, will the UK – who is presiding over the upcoming COP26 climate talks – prove its commitment to 1.5ºC by stopping the new Cambo oil field?
“Today’s report is particularly remarkable because of the IEA’s history. It was established after the 1972 oil shock with an express goal of securing OECD member states’ access to oil. Big oil and gas companies like Shell and BP have relied on previous, less ambitious IEA scenarios to justify inadequate climate plans and pledges. That hiding place is now gone.”

Kelly Trout, Research Co-Director, Oil Change International:

“We’ve seen some governments and fossil fuel companies dismiss the IEA’s 1.5°C scenario as ‘unrealistic,’ yet there’s no greater delusion than thinking we can solve the climate crisis by extracting more and more fossil fuels. Governments that have relied on the WEO in the past to justify their energy investments have no credibility in ignoring the IEA’s guidance now, when it’s finally consistent with the 1.5°C limit they agreed to in Paris.
“One indication of where governments stand in heeding this science will be who joins Denmark and Costa Rica in launching the Beyond Oil and Gas Alliance at COP26, committing to end oil and gas licensing. We’re also watching to see who joins the UK and European Investment Bank in jointly committing to end international finance for fossil fuel projects and shift funding into renewable energy solutions.
“It’s important to note that the IEA’s analysis finds no justification for new oil and gas fields despite still containing some risky modelling choices that prolong pollution. Last month, more than 150 civil society groups urged the IEA to slash over-reliance on carbon capture and storage, fossil gas, and biofuels in its 1.5°C scenario, and we’ll continue pushing the IEA to prioritize truly clean and just energy solutions.”

Key energy benchmarks for 1.5°C alignment highlighted in this year’s WEO include:

  • As of this year, ceasing approval of new oil and gas fields, coal mines or mine extensions.
  • As of this year, halting new construction of coal-fired power plants, and retiring around 40% of the existing global coal power fleet by 2030.
  • Investing heavily in energy efficiency, so that the energy intensity of the global economy falls by 4% annually this decade.
  • More than tripling global clean energy investment by 2030, with 85% of total energy investment directed towards clean technologies by that year.
  • Fully decarbonizing the electricity sector by 2035 in advanced economies – and by 2040 in all countries.
  • Slashing fossil fuel-related methane emissions by 75% by 2030.
  • Ending sales of new internal combustion engine cars by 2035 globally.
Prior to this year’s WEO, more than 150 civil society organizations submitted a letter to the IEA, urging them to center the 1.5 degree C-aligned scenario:
  • OCI’s analysis of the “Net Zero by 2050” scenario released in May 2021 can be found here
  • OCI’s response to the 2020 WEO can be found here:

Comments

TRENDING

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

'Anti-poor stand': Even British wouldn't reduce Railways' sleeper and general coaches

By Anandi Pandey, Sandeep Pandey*  Probably even the British, who introduced railways in India, would not have done what the Bhartiya Janata Party government is doing. The number of Sleeper and General class coaches in various trains are surreptitiously and ominously disappearing accompanied by a simultaneous increase in Air Conditioned coaches. In the characteristic style of BJP government there was no discussion or debate on this move by the Indian Railways either in the Parliament or outside of it. 

Why convert growing badminton popularity into an 'inclusive sports opportunity'

By Sudhansu R Das  Over the years badminton has become the second most popular game in the world after soccer.  Today, nearly 220 million people across the world play badminton.  The game has become very popular in urban India after India won medals in various international badminton tournaments.  One will come across a badminton court in every one kilometer radius of Hyderabad.  

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Faith leaders agree: All religious places should display ‘anti-child marriage’ messages

By Jitendra Parmar*  As many as 17 faith leaders, together for an interfaith dialogue on child marriage in New Delhi, unanimously have agreed that no faith allows or endorses child marriage. The faith leaders advocated that all religious places should display information on child marriage.

How embracing diversity enriched my life, brought profound sense of joy

By Mike Ghouse*  If you can shed the bias towards others, you'll love the connections with every human that God or his systems have created. This gives a sense of freedom and brings meaning and joy to life. Embracing and respecting how people dress, eat, and practice their beliefs becomes an enriching experience.

Ayurveda, Sidda, and knowledge: Three-day workshop begins in Pala town

By Rosamma Thomas*  Pala town in Kottayam district of Kerala is about 25 km from the district headquarters. St Thomas College in Pala is currently hosting a three-day workshop on knowledge systems, and gathered together are philosophers, sociologists, medical practitioners in homeopathy and Ayurveda, one of them from Nepal, and a few guests from Europe. The discussions on the first day focused on knowledge systems, power structures, and epistemic diversity. French researcher Jacquiline Descarpentries, who represents a unique cooperative of researchers, some of whom have no formal institutional affiliation, laid the ground, addressing the audience over the Internet.

Banned Maoist party protests in Jharkhand, Chhattisgarh, claims support across globe

By Harsh Thakor*  Despite being a banned and designated as terrorist organisation under the Unlawful Activities (Prevention) Act since 2009, the Communist Party of India (Maoist) is said to have successfully implemented a one-day bandh across Kolhan division in Jharkhand on July 10th, with repurcussions in the neighbouring Chhattisgarh. The bandh was called to protest against alleged police brutality in the Kolhan-Saranda region.

Hindutva economics? 12% decline in manufacturing enterprises, 22.5% fall in employment

By Bhabani Shankar Nayak*  The messiah of Hindutva politics, Narendra Modi, assumed office as the Prime Minister of India on May 26, 2014. He pledged to transform the Indian economy and deliver a developed nation with prosperous citizens. However, despite Modi's continued tenure as the Prime Minister, his ambitious electoral promises seem increasingly elusive.