By Tsvetana Paraskova for Oilprice.com – May 18, 2021
The world doesn’t need any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050, the International Energy Agency (IEA) said on Tuesday, adding that the road to limiting global warming to 1.5 degrees Celsius involves a rapid and radical shift away from fossil fuels.
According to the IEA’s pathway to net-zero emissions by 2050, the world will not need new oil and gas projects beyond those sanctioned as of this year, the Paris-based agency said in its Net Zero by 2050 report published today.
Instead, all new energy investments should be of the renewable variety in what the IEA refers to as an “immediate and massive deployment of all available clean and efficient energy technologies.”
The agency’s ‘Roadmap for the Global Energy Sector’ also says that no new coal mines or mine extensions are required if the world is to achieve net-zero emissions in 2050.
“The path to net?zero emissions is narrow: staying on it requires immediate and massive deployment of all available clean and efficient energy technologies,” the agency said.
The scenario with the world reaching net-zero emissions by 2050 would mean a sharp decline in demand for fossil fuels, “meaning that the focus for oil and gas producers switches entirely to output – and emissions reductions – from the operation of existing assets,” the IEA said.
“No new oil and natural gas fields are needed in the net zero pathway, and supplies become increasingly concentrated in a small number of low-cost producers.”
The pathway to achieving net-zero would result in coal demand collapsing by 90 percent by 2050 and natural gas demand slumping by 55 percent, the IEA noted. Oil demand would plunge by as much as 75 percent to just 24 million barrels per day (bpd) in 2050, from around 100 million bpd in 2019.
“Achieving net-zero emissions by 2050 will require nothing short of the complete transformation of the global energy system,” the agency said.
The IEA, however, noted that such a transformation would also pose new energy security risks, while the old security risks would not go away.
Even in a scenario in which oil demand is plunging, supplies will become increasingly concentrated in a small number of low-cost producers. OPEC’s share of a much-reduced global oil supply would surge from around 37 percent in recent years to 52 percent in 2050, “a level higher than at any point in the history of oil markets,” according to the IEA.
In the clean energy transition, the energy security risks will include the variability of supply, cybersecurity risks, and the growing dependence on critical minerals, the agency said.
They’ll still need petroleum products because just about all military hardware needs it just to move, and the kit that doesn’t need it directly such as bullets and shells still need it for excavators to mine the nitrates for the powder and the copper and zinc for the casings. These commodities were one reason the US in its early days (The Monroe Doctrine 1823) took an interest in South America, to lay claim to the continent and keep out the European powers who may have had ideas about recolonising it.
The world’s military forces could end up as petroleum’s sole consumers, though. Its products could be reserved for them only, but it’s anybody’s guess how much more will have to be paid in taxes because of the astronomical production costs that will lead to.
LIES, LIES, LIES.
We’re told coal and oil are “fossil fuels”, supposedly derived from ancient trees and the bodies of dead dinosaurs. NO THEY’RE NOT. They’re products of the Earth itself. If they really were “fossil fuels”, they’d have run out long ago.
The greenhouse effect is nothing more than the simple fact that the sun-warmed air in a greenhouse is prevented by the glass from mixing with cooler air outside. There are NO “greenhouse gases”, and even if there were, Carbon Dioxide wouldn’t be one of them because, being heavier than air, it remains near the ground, where it’s eagerly devoured by plants that convert it to sugar and oxygen for our consumption.
Eliminate Carbon Dioxide and you’d eliminate life.
We don’t “need” harmful mineral oil. Hemp (Cannabis) is capable of supplying non-polluting fuel oils, lubricating oils, medicines and many other valuable products on an annual basis, but the powers that shouldn’t be (PTSB) don’t want that because it threatens their energy monopoly, so they demonised it as a “dangerous drug” and banned it.
The greatest LIE of all though, apart from the present “covid” SCAM, is that the world is in danger of overheating and it’s our fault. NO IT ISN’T. The climate has never been constant. What about the medieval warm period of approximately 950 to 1250 AD, when the world was significantly warmer than it is today and life flourished?
Far from warming dangerously, the signs suggest that we’re currently heading for a mini ice age.
What we do need to eliminate are lying politicians whose lives are so dull and boring they want to control every aspect of OUR lives as well as their own, hence the endless stream of SCAMS having no basis in reality.
Wishful thinking. What you need to understand is that there are 1000s of capped oil & gas wells around the world. It doesn’t matter where you look, no one has the generating capacity to power an EV/ship/plane world.
And none of this matters in the grand scheme of things. We had a mild CME (Coronal Mass Ejection) last week or so. The Earth’s declining magnetic field didn’t do so well. I’ve the next few years as the solar cycle peaks, we have a 25% risk of being hit by a major CME and this could send part or all the world back to the dark ages and the risk gets much higher in the 2030s solar cycle.
By the early to mid 2040s, the magenitc poles will flip and the Sun will micronova… this is the real reset. So you can kinda see why they have their target set in 2050, because they’ll be virtually no humans alive by then.
The galactic current sheet has already affected nearby stars and some of our solar systems distant planets.
Only the White countries are shut down, not the Mongoloid ones. Whites are hated because they are the only humans.
So, less oil, less gas, less cars, less food, more vaccinations, means less people???Hey, Bill Gates was right…. Although, by burning fossile fuels at high temperature, we get an awfull lot of poiseness NOx.. And that is the real problem..
Supposing global warming was true. And supposing this was the answer. Are the Chinese on board with this? The Indians? The Saudis?
This will end up with the Western world making these sacrifices. The countries that are doing the least polluting. The overall benefit will be zero.
The technologies that are meant to replace fossil fuel don’t work. Some create even more emissions than the technology that already exists.
This is just another step towards destroying the West.
Hi, .. already by 2025 there will be 50% reduction in oil production!!
this will mena that just around beginning 2023 they will mandate restrictions to use of cars.. fuel will be needed for shipping and military!!
Barney you are absolutely right mate , these so-called fossil fuels occur naturally in the earth . CO2 is only 0.04 % of the atmosphere and is what ALL trees plants need to survive . Wind rain and tides are constantly cleaning the air and the sea and keep everything in balance . Climate change is the ultimate scam and like the Whuflu is all about population reduction and has been in the making for years . We are in extreme danger from these massive propaganda illusions of doom and gloom and fear of imminent death that is being spread across the world by the ” controllers ” outside of our scope.
Are they short of straitjackets to be used to restrain the International Energy Agency personnel ??
anyway , pacific fishes dieing from radioactive
fukushima current . we are anyway on the brink
of extinktion with the rest of radioactive fish
and addicional asiatic polution of air + sea .
Speaking of corruption….it has just been announced that a large part of British rail is to be “renationalised”….but it should never have been sold off in the first place.
As Paul Craig Robert’s suggested “privatisation” was just a transfer of assets from the public into the wealth class hands….a massive corrupt scam in other words.
There is no better example than the “greatest entrepreneur who ever lived” Sir Richard Branstein.
He has spent the last decades in mining public money in the form of grants from taxation to prop up his train swindle…..although at the time of privatisation the public were told it was “to increase efficiency”.
The fares faced by the British public are quite frankly,outrageous…but the British take it…..they keep “taking it” too without so much as a whimper.
To prove the point one need only contrast British rail with the train services on the continent…..
While countries in Western Europe have invested billions in establishing high speed rail infrastructure….Britain has not got one inch of of sole use high speed track .
WHY?…simple….Britain is far too corrupt to raise the capital investment required….Branson has his own private island in the Caribbean….appropriately since in this area of the world a lot of elite tax evasion takes place.
Is it a coincidence that Assange who revealed that Grandma Windsor had money hidden here is now residing in a maximum security gulag….Belmarsh…rather than the Tower in the good old days of tyranny .
(Belmarsh has the almost compulsory “secret underground tunnels” leading to a courtroom you’ll find in any self respecting tyranny.)
“Is Britain moving toward being a police state” is a question you’ll find popping up in comments sections of newspapers.
Britain IS A POLICE STATE with the goons of MI5 everywhere….and it is only going to get worse,until the public finally realize they have been conned by a corrupted elite.
This Covid BS has made people into millionaires overnight with contracts given out to cronies of the scum in parliament.
The British seem to blindly accept that “we’re not corrupt like in mainland Europe”….its nonsense of course.
The newspapers and media are full of distraction via two constant themes….RACISM AND COVID….people dont have the time to think about “something is rotten in Denmark” so to speak
The straw that broke the camels back….is MASS ALIEN ELITE PERMITTED ILLEGAL IMMIGRATION…..and the secret elite agenda to change the fundamental nature of western countries AGAINST THE WISHES OF THE PUBLIC…..BLIAR was even caught saying this very thing…but the secret report was quickly covered up.
Events are beginning to parallel those in Ancient Rome…..including the patrician families corruption although as far as it is known they were not not consuming masses of cocaine.
Cutting off fossil fuels while we are in an ice age equals insanity. The fact that everyone plays aling with this and the maskageddon is proof the human specie is batshit f-cking insane … and Bill Gates wants to obscure the sun while we go into another little ice age … well go ahead and blot out the sun, it will be the last thing we do before extinction.
There are no adults in the room, the world is governed by lunatics.
CO2 does NOT warm the earth.
Masks do NOT stop viruses.
Fossil fuels are not a threat, government mandates based on faulty thinking are.
@Carl Jones
can you explain what you mean by the sun will micro-nova?? I have already heard of this but not sure what this is all about
If stars are billions of years old, I doubt scientists can predict a “micronova”, a word I would never use, to within a million years, and I have heard natural-cataclysm-peddlers hundreds of times.
Regardless of your current social, employment status, and affliliations:
YOU WILL OWN NOTHING, AND BE HAPPY.
They are telling everyone very clearly.
There is a small window of opportunity to change this course.
Anyone doing anything, or are we just typing comments on webpages…
You’ll have to get off your butts eventually, but it will be too late.