Category: gas

Auto Added by WPeMatico

How much of the world’s oil needs to stay in the ground?

By Bambam

Analysis shows future is bleak for fossil fuel industry with trillions of dollars of assets at stake

The vast majority of fossil fuel reserves owned today by countries and companies must remain in the ground if the climate crisis is to be ended, an analysis has found.

The research found 90% of coal and 60% of oil and gas reserves could not be extracted if there was to be even a 50% chance of keeping global heating below 1.5C, the temperature beyond which the worst climate impacts hit.

Continue reading…

The Guardian view on fossil fuels: a very long way to go | Editorial

By Bambam

New carbon capture technology should be welcomed. But weaning the world off coal, oil and gas is what matters most

The switching on of the world’s largest carbon capture and storage plant, in Iceland, is a glimmer of hope in a bleak climate landscape. The amount of carbon dioxide removed from the atmosphere by this new machine will be tiny: 4,000 tonnes a year, which is equivalent to that produced by 870 cars. Still, the project brings a step closer the possibility that significant amounts of carbon dioxide could, one day, be removed from the atmosphere.

The significant risks that such technological developments carry must be addressed head-on. The danger is that they are a displacement activity from the massive and necessary task of reducing and then eliminating emissions (with any residual emissions offset or, if carbon capture technologies are scaled up, removed). This distraction need not be deliberate, although fossil fuel producers have consistently undermined climate action by promoting the idea that technological solutions will eventually make calls to decarbonise obsolete.

Continue reading…