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Climate and Environment
9 Sept 2021
Fossil Fuels Must Remain Unexploited to Avoid Destructive Global Warming
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Scientists are saying 90% of coal and 60% of oil & gas supplies must remain in the ground to have even a 50% chance of preventing global temperatures rising more than 1.5 degrees.
According to researchers, the production of fossil fuels must see a consistent yearly decline of 3% till 2050 to minimize the dangerous effects of global warming. The pandemic has helped reduce pollution and temperatures to a notable extent in the last year, but is now back on the rise.
The 2015 Paris Agreement aims to limit carbon emissions by implementing clean energy solutions. The agreement also specifies how far behind we are from achieving carbon emission targets set for each country.
Some may argue that coal production is already on the decline, but its current rate of decline is far too slow to reach the proposed target.
Recent studies have been conducted to determine an estimate for the “unextractable” amount of fossil fuels that corporations consider profitable, also known as proven reserves. In simple words, companies listing fossil fuel energy as financial assets must consider these of no value if they wish to have even a small chance of limiting warming to 1.5 degrees.
President Joe Biden has pledged to limit or end fossil fuel leasing on any public lands in hopes to curb global warming. The administration is currently undergoing a review of the country’s fossil energy reserves to determine the next path of action which could include increased royalties and restrictive measures.