ENVIRONMENT

Nations must drop fossil fuels, fast, world energy body warns

Brad Plumer

Nations around the world would need to immediately stop approving new coal-fired power plants and new oil and gas fields and quickly phase out gasoline-powered vehicles if they want to avert the most catastrophic effects of climate change, the world’s leading energy agency said Tuesday.

In a sweeping new report, the International Energy Agency issued a detailed road map of what it would take for the world’s nations to slash carbon dioxide emissions to net zero by 2050. That would very likely keep the average global temperature from increasing 1.5 degrees Celsius above preindustrial levels — the threshold beyond which scientists say the Earth faces irreversible damage.

While academics and environmentalists have made similar recommendations before, this is the first time the International Energy Agency has outlined ways to accomplish such drastic cuts in emissions.

That’s significant, given the fact that the influential agency is not an environmental group but an international organization that advises world capitals on energy policy. Formed after the oil crises of the 1970s, the agency’s reports and forecasts are frequently cited by energy companies and investors as a basis for long-term planning.

Source
moneycontrol
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