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After coal, gas may be the target of the climate lobby-I: Tipping point in 2020?
May 08:
Policy makers in India will now have to take into account a vigorous new campaign emanating from amongst the global climate lobby for toning down the growth of high cost, energy intensive gas supply options, such as LNG exports.
8This can temper the growth of the gas sector globally
8A new paper is now speaking of a "tipping point" in 2020 instead of 2025 or later for the fossil fuel industry.
8Recent IEA/IRENA analysis suggests that $1-2 trillion of stranded assets could be created in a 2°C degree scenario, with the level increasing the longer action is delayed.
8For oil, some investment is needed just to maintain production, but if emissions are to peak in 2020 as has been direly projected, the oil sector needs to adopt plans that do not involve further growth, according to the climate change lobby.
8While these might sound like unrealistic figures to most pundits in the industry, there is now a need to take all the material available into account while conducting a review of how oil and gas sector is going to evolve in the next 5 to 10 years.
8Voices calling for the phase out of fossil fuel subsidies are coming from all sectors of society. In February 2017, investors worth more than $2.8 trillion called for the G20 to phase out all fossil fuel subsidies by 2020, starting with subsidies for fossil fuel exploration and coal production, and then moving on to public support for oil and gas. This followed on the heels of a 2016 open letter from over 200 civil society organizations to the G20 making the same demand. When investors and civil society are united and committed, governments will find fertile ground for reform.
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8This can temper the growth of the gas sector globally
8A new paper is now speaking of a "tipping point" in 2020 instead of 2025 or later for the fossil fuel industry.
8Recent IEA/IRENA analysis suggests that $1-2 trillion of stranded assets could be created in a 2°C degree scenario, with the level increasing the longer action is delayed.
8For oil, some investment is needed just to maintain production, but if emissions are to peak in 2020 as has been direly projected, the oil sector needs to adopt plans that do not involve further growth, according to the climate change lobby.
8While these might sound like unrealistic figures to most pundits in the industry, there is now a need to take all the material available into account while conducting a review of how oil and gas sector is going to evolve in the next 5 to 10 years.
8Voices calling for the phase out of fossil fuel subsidies are coming from all sectors of society. In February 2017, investors worth more than $2.8 trillion called for the G20 to phase out all fossil fuel subsidies by 2020, starting with subsidies for fossil fuel exploration and coal production, and then moving on to public support for oil and gas. This followed on the heels of a 2016 open letter from over 200 civil society organizations to the G20 making the same demand. When investors and civil society are united and committed, governments will find fertile ground for reform.
Click on Reports for more
