No New Oil, Gas Fields Required In IAE's Roadmap For Carbon Neutrality

(@ChaudhryMAli88)

No New Oil, Gas Fields Required in IAE's Roadmap for Carbon Neutrality

All investment in new fossil fuel supply projects should cease immediately if the world wants to achieve the net-zero emissions target by 2050, the International Energy Agency said in a report out Tuesday

MOSCOW (UrduPoint News / Sputnik - 18th May, 2021) All investment in new fossil fuel supply projects should cease immediately if the world wants to achieve the net-zero emissions target by 2050, the International Energy Agency said in a report out Tuesday.

The IEA said its 400-milestone roadmap for transforming the global economy from one dominated by fossil fuels into renewables-based one required no new oil and natural gas fields beyond those that have already been approved.

"Beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway," it said.

The 224-page report, billed as the world's first comprehensive study on transitioning to a net-zero energy system, predicted that the average oil supply would drop 4.

5% a year if funding continued but no new fields were developed.

If the world were to achieve that, supplies would become increasingly concentrated in a small number of low-cost producers, with the share of OPEC's global oil supply growing from the current 37% to 52% in 2050, a level higher than at any point in the history of oil markets.

If decarbonization progresses as planned, oil demand would drop 75% by 2050, while gas demand would decline 55%. The share of fossil fuels in the energy mix would fall from almost four fifths to slightly over one fifth.

Related Topics