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No need for countries to issue new oil, gas or coal licences, study finds

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: A study by University College London and the International Institute for Sustainable Development finds no need for new oil, gas, or coal licenses
• Current fossil fuel projects are sufficient to meet global energy demand until 2050 if net zero goals are achieved
• Researchers urge governments to halt new fossil fuel projects and focus on clean energy investments

🔭 The context: The study, published in Science, analyzed global energy demand forecasts limiting global warming to 1.5C above pre-industrial levels
• It shows that no new coal- or gas-fired power generation is necessary in a net zero future
• This aligns with the International Energy Agency's warnings against new long-term fossil fuel investments

🌍 Why it matters for the planet: Halting new fossil fuel projects is crucial for meeting climate targets and reducing global warming
• The study provides a scientific basis for governments to phase out fossil fuels and invest in renewable energy
• This shift is essential for a sustainable future and to mitigate the impacts of climate change

⏭️ What's next: Political leaders are encouraged to set clear policies banning new fossil fuel projects
• The UK's upcoming general election features contrasting views on fossil fuel licenses, with Labour opposing new North Sea licenses and proposing higher taxes on existing fields to fund green energy
• Effective policy and investment in renewables are vital for a managed decline of fossil fuel infrastructure

💬 One quote: “Our research establishes that there is a rigorous scientific basis for the proposed norm by showing that there is no need for new fossil fuel projects” (Dr. Steve Pye from the UCL Energy Institute)

📈 One stat: The study highlights that global reservoir water levels are decreasing by about 1% annually

Click for more news covering the latest on oil and gas

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