To Meet Paris Accord Goal, Most of the World’s #FossilFuel Reserves Must Stay in the Ground — Inside #Climate News #ActOnClimate #KeepItInTheGround

From Inside Climate News (Nicholas Kusnetz):

A new study in Nature reports that oil, gas and coal production must begin falling immediately to have even a 50 percent chance of keeping global temperatures from rising more than 1.5 degrees Celsius.

After a summer of weather extremes that highlighted the urgency of limiting global warming in starkly human terms, new research is clarifying what it will take to do so. In order to have just a 50 percent chance of meeting the most ambitious climate target, the study found, the production of all fossil fuels will need to start declining immediately, and a significant majority of the world’s oil, gas and coal reserves will have to remain underground over the next few decades.

While the research, published Wednesday [September 8, 2021] in the journal Nature, is only the latest to argue that meeting the 2015 Paris Agreement goals to limit warming requires a rapid pivot to clean energy, it lays out with clear and specific figures exactly how far from those targets the world remains.

“The inescapable evidence that hopefully we’ve shown and that successive reports have shown is that if you want to meet 1.5 degrees, then global production has to start declining,” said Daniel Welsby, a researcher at University College London, in the United Kingdom, and the study’s lead author. As part of the Paris Agreement, nations agreed to try to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial times.

The study found that nearly 60 percent of global oil and gas reserves and about 90 percent of coal reserves must be left unexploited by 2050, though a portion of those fuels could be produced in the second half of the century. Total oil and gas production must begin declining immediately, the research said, and continue falling at about 3 percent annually through 2050. Coal production must fall at an even steeper rate.

While the authors noted a few signs of change, including that coal production is already on the decline, the current course is far off what’s needed. In March, the International Energy Agency warned that oil production was on track to rebound from a pandemic-driven dip and would surpass 2019 levels within a couple of years. That projection came on the heels of a separate report in December by the United Nations Environment Program, which said energy producing countries are set to expand fossil fuel output for years.

The new paper builds on these studies and other related work to estimate the “unextractable” portion of the fossil fuel stores that are currently considered profitable to exploit—so-called proven reserves. Put another way, the research effectively says that most of the fossil fuels that energy companies currently list as financial assets, or that governments report as strategic ones, would be rendered worthless if the world is to have a shot at limiting warming to 1.5 degrees Celsius.