Michelle Gamage, a Vancouver-based journalist with an environmental focus who regularly reports on climate for The Tyee,
Source https://thetyee.ca/Analysis/2020/07/08/LNGVessel.jpg
reports that the International Energy Agency (IEA) annihilates the chance of fossil fuel future.
In a landmark report released Tuesday, the International Energy Agency, an organization made up of over 30 member countries and considered to be the global voice for energy, said the world has to halt all new fossil fuel projects and reduce the demand for coal, oil and gas by 90, 75 and 55 per cent respectively to hit the global climate goal of net-zero emissions by 2050. That 30-year timeline is to keep the planet from warming more than 1.5 C from pre-industrial levels, which should keep catastrophic impacts from global warming at bay.1Reuters reports that LNG developers face another year of canceled projects.
Pieridae Energy Ltd's (PEA.TO) CEO Alfred Sorensen said last week that the company's proposed Goldboro project in Nova Scotia was "beginning to look like ‘the last one standing.'" It plans to make its final investment decision by the end of June.2Roger Harrabin, BBC environment analyst, writes that G7 ministers agree to take new steps against fossil fuels.
The move to keep their policies in line with 1.5C implies much faster action to cut emissions by 2030, rather than by mid-century. Nick Mabey from the climate think tank E3G told BBC News: "This is looking good. "It puts the burden on any fossil fuel development now to prove that it's 1.5C compatible." The ministers are said to have been heavily influenced by a recent report from the rich nations' energy think tank, the IEA. The study said that if the world wanted to reach net-zero emissions by the middle of the century, then there could be no new coal, oil or gas development from now on.3As world wide efforts to restrain global temperature rise increase, new investments in oil and gas are becoming less attractive and increasingly risky.
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