The world’s leading energy authority has warned of the serious implications of investments in major oil and gas developments. Keeping projects going won’t do much in both the current energy crisis and lowering fuel prices, but it means accelerating the destruction of the planet. Executive Director Fatih Birol, International Energy Agency (IEA)believes that countries should try to replace Russian oil and gas in the short term without damaging their long-term prospects. Otherwise, ” climate chaos He is insured,” he said.
“I understand that some countries want to buy more fossil fuels, but they need to remember that it takes many years to start production,” he said. “[Tales proyectos] “They are not the solution to our urgent energy security needs,” he said in an interview published in The Guardian.
To be precise, this British newspaper recently revealed that: Nearly 200 projects that will generate massive carbon emissions are on the way, and have already started pumping fuel. Each will produce at least 1,000 million tons of carbon dioxide emissions over its useful life, which is equivalent to approximately 18 years of current global emissions.
Birol warned that companies promoting such projects could see these investments ruined. “If the world is successful in going to zero emissions, these projects may not be able to recoup their initial costs.”
Rising global energy prices have prompted governments to seek new fossil fuel sources. “I understand why countries are reacting this way,” he said. “But there’s the time horizon issue.”
Birol warned that large new oil, gas and coal exploration projects would take years to produce fuel and could produce high greenhouse gas emissions for decades to come.
“The most suitable projects are those with short lead times and fast payback periods, such as expanding production from existing areas. Birol said that more efficient use of existing resources will also help reduce emissions.
He added that governments should also urgently work to reduce demand for fossil fuels by insulating homes, lowering speed limits, making public transport cheaper or free, and introducing car-free days in cities.
It either changes or there are restrictions
“If we don’t take these measures, I’m afraid energy rationing may be on the table,” he warned.
Birol said that unlike previous oil crises, such as in the 1970s, the world now has cheap alternatives in the form of solar and wind energy, whose prices are falling. This should encourage governments and companies to push harder for renewable sources.
“I think we have an opportunity to capitalize on this historic milestone towards a cleaner and safer energy system,” he said. “This is the first time I’ve seen it take this hard to transition to clean energy.”
“The world does not need to choose between solving the energy crisis or solving the climate crisis, we can do both,” he said.
The UN secretary general also called for an end to new fossil fuel projects and said climate change poses “an existential threat to all of us, to the entire world”.
At a recent press conference, António Guterres said: “The main emitters must drastically reduce emissions starting now. This means accelerating the end of our dependence on fossil fuels and accelerating the diffusion of clean renewable energy.”
Less chance of staying below 1.5ºC
Almost exactly a year ago, the IEA warned: If it is desired to limit global warming to 1.5°C, no new gas, oil or coal development should take place after this year. The warning sent shock waves between governments at the UN Cop26 climate summit in Glasgow in November, where leaders decided to present national plans in line with the 1.5C limit.
But many countries and private sector companies ignored this warning, as The Guardian’s research on emerging fossil fuel projects shows. In reality, these ‘carbon bombs’ would destroy any hope of staying on the 1.5°C threshold.
Greg Muttitt, an energy expert at the International Institute for Sustainable Development, said: “Governments and businesses often suffer from some kind of cognitive dissonance: while recognizing the urgency and severity of the climate threat, they continue to develop new oil, gas, coal and mineral fields. This will make the problem worse. The political answer is simple: When you’re in a hole, you have to stop digging.”
Greenpeace said the Guardian investigation revealed that “the business model of the fossil fuel industry remains a model for climate disaster.”
“However What’s shocking is that they didn’t hide it. These activities are legal and actually encouraged by governments. around the world, especially those with the largest reserves and those who will lose the most.”
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