{"id":234202,"date":"2021-05-19T07:43:00","date_gmt":"2021-05-19T07:43:00","guid":{"rendered":"http:\/\/www.thetruthseeker.co.uk\/?p=234202"},"modified":"2021-05-21T07:17:59","modified_gmt":"2021-05-21T07:17:59","slug":"iea-net-zero-goal-means-no-more-new-oil-and-gas-investment-ever","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=234202","title":{"rendered":"IEA: Net-Zero Goal Means No More New Oil And Gas Investment Ever"},"content":{"rendered":"

By Tsvetana Paraskova for Oilprice.com \u2013 May 18, 2021<\/strong><\/h1>\n

The world doesn\u2019t 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<\/a> 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.<\/p>\n

According to the IEA\u2019s 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<\/a> published today.<\/p>\n

Instead, all new energy investments should be of the renewable variety in what the IEA refers to as an \u201cimmediate and massive deployment of all available clean and efficient energy technologies.\u201d<\/p>\n

The agency\u2019s \u2018Roadmap for the Global Energy Sector\u2019 also says that no new coal mines or mine extensions are required if the world is to achieve net-zero emissions in 2050.<\/p>\n

\u201cThe path to net?zero emissions is narrow: staying on it requires immediate and massive deployment of all available clean and efficient energy technologies,\u201d the agency said.<\/p>\n

The scenario with the world reaching net-zero emissions by 2050 would mean a sharp decline in demand for fossil fuels, \u201cmeaning that the focus for oil and gas producers switches entirely to output \u2013 and emissions reductions \u2013 from the operation of existing assets,\u201d the IEA said.<\/p>\n

\u201cNo 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.\u201d<\/p>\n

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.<\/p>\n

\u201cAchieving net-zero emissions by 2050 will require nothing short of the complete transformation of the global energy system,\u201d the agency said.<\/p>\n

The IEA, however, noted that such a transformation would also pose new energy security risks, while the old security risks would not go away.<\/p>\n

Even in a scenario in which oil demand is plunging, supplies will become increasingly concentrated in a small number of low-cost producers. OPEC\u2019s share of a much-reduced global oil supply would surge from around 37 percent in recent years to 52 percent in 2050, \u201ca level higher than at any point in the history of oil markets,\u201d according to the IEA.<\/p>\n

In the clean energy transition, the energy security risks will include the variability of supply, cybersecurity risks, and the growing dependence<\/a> on critical minerals, the agency said.<\/p>\n

 <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Are the elite using “zero carbon emissions\u201d as a pretext to curb global economic growth and investment? Are they planning to reduce the world\u2019s population to poverty and subsistence level existence while they continue secure and prosporous? <\/p>\n","protected":false},"author":39262,"featured_media":234204,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66],"tags":[],"class_list":["post-234202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/234202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=234202"}],"version-history":[{"count":4,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/234202\/revisions"}],"predecessor-version":[{"id":234221,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/234202\/revisions\/234221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/media\/234204"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=234202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=234202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=234202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}