The urgent need to ban new fossil energy projects
In the hope of limiting global warming to a safe threshold, the International Energy Agency concludes that we must immediately abandon all plans to explore or exploit fossil fuels.
Indeed, to achieve carbon neutrality by 2050 and limit global warming to 1.5 degrees, countries must renounce to the development of any new oil and gas projects that are not already in operation at this time. This new energy path that will have to be followed to respect the Paris agreement will not eliminate fossil fuels, but it paves the way for recommendations affirming that by 2050, use should be reduced by at least 55% for natural gas and 75% for petroleum. Coal, which is the worst fossil fuel, should be phased out entirely. The IEA wishes to argue the need to make room for renewable energies by asserting that the accelerated trajectory of this change will bring major benefits for humanity. It also means great economic advantages since renewable energies will have to generate at least 90% of the world demand for electricity by 2050. To allow such a growth of energy sources that do not emit greenhouse gases, the IEA confirms that investments of $ 400 billion per year will be needed by 2030, more than triple of the current investments.
However, it is unfortunate to note that the international community is far from taking the necessary steps to avoid climate collapse and it is also true for Canada, which, contrary to the recommendations, is currently projecting a 30% growth in its oil and gas production. by 2040. We even learned recently, according to data released in April, that global GHG emissions are currently experiencing a major rebound, bringing us very close to the level of emissions observed in 2019, before the global health crisis. According to the ONU, this increased scenario would be unsustainable and confirms that the commitments made by the States are still not up to their targets, five years after the signing of the Paris Agreement, despite of the urgency of the situation.
It is imperative to affirm that the scale and speed of the efforts required to meet our GHG emission reduction targets will probably be the greatest challenge facing humanity. Let’s hope that concrete solutions allowing the acceleration of the necessary efforts will emerge, to allow us to effectively achieve our carbon neutrality objectives. Let’s also hope that the planetary population will do everything possible to act quickly and prevent us from living in a world where declining life expectancy and declining quality of life could become our greatest enemies.
Source : Le Devoir
Photo : Agence France Presse