In Major Departure, Global Pathway Report Rules Out Fossil Fuel Investments
WASHINGTON – The International Energy Agency’s new climate modeling report, “Net Zero by 2050: A Roadmap for the Global Energy Sector,” now warns investors that reaching net-zero carbon emissions by 2050 cannot happen with continued investment in new fossil fuel projects. The agency’s new model finds “no need for investment in new fossil fuel supply,” and envisions no new oil and gas fields, coal mines, or coal mine extensions beyond projects already committed this year. In addition to avoiding catastrophic impacts of climate change, IEA’s net-zero pathway would result in significantly greater global economic growth, create tens of millions of new jobs, and prevent 2 million deaths each year from air pollution than the trajectory we are now on.
The following is a statement from Anthony Swift, director of the Canada Project for NRDC (Natural Resources Defense Council):
“The message to investors, policymakers, and the public is clear: there’s no place in a climate-safe world for new oil and gas wells, coal mines or coal-fired power plants. It’s time to ramp down on fossil fuels—and double down on the clean energy future we need to create healthier, more equitable and more prosperous communities.”
For more on the IEA report and what it means for fossil fuel projects, Anthony has a blog here.
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.