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illuminem summarizes for you the essential news of the day. Read the full piece here in Forbes or enjoy below
🗞️ Driving the news: The Energy Policy Research Foundation (EPRF) recently published an analysis heavily challenging the assumptions and conclusions of a ground-breaking 2021 IEA report which advocated for an immediate end of investments in oil, gas, and coal
🔭 The context: In May 2021, the International Energy Agency (IEA) released a report titled “Net Zero by 2050: A Roadmap for the Global Energy Sector”, which deeply polarized the industry
• Climate activists such as Climate Action 100+, which manages $68 trillion in assets, praised the report as a “watershed moment”
• Conversely, industry experts like the Saudi oil minister mocked the report, calling it a sequel to “La La Land”
🌎 Why does it matter for the planet: The IEA’s call for halting investments in fossil fuels was aimed at reducing carbon emissions and combating climate change
• EPRF’s analysis suggests that the IEA’s optimistic forecasts regarding renewable energy technologies may not be grounded in reality
• It questions the feasibility and economic benefits of the shift to renewables as outlined by the IEA and highlights issues such as grid vulnerability and the massive need for critical minerals
⏭️ What’s next: It remains to be seen how the findings of EPRF’s analysis will impact the global discourse on energy transition
• Policymakers, industry stakeholders, and climate activists are likely to closely examine the assumptions and projections of the IEA report and EPRF’s analysis
💬 One quote: “The IEA could have chosen to remain faithful to its original mandate, but [...] it has allowed itself to be used as a tool for climate extremism, has misled policymakers, and has endangered the world’s economy and Western security, all while forsaking the purpose for which it was created.” (Mr. Darwall in the foreword to EPRF’s report)
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