IEA: We can only burn 1/3 of the remaining fossil fuel

2012-11-13

in Economics, Politics, Science, The environment

The International Energy Agency is now mirroring the claim made by Bill McKibben, James Hansen, and others: we cannot burn all the world’s fossil fuels. In their World Energy Outlook 2012, they claim:

“No more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2 °C goal, unless carbon capture and storage (CCS) technology is widely deployed”

Carbon capture and storage is arguably more of a rhetorical device which allows companies and governments to assume fossil fuel use than a real technology capable of reducing emissions. As such, it seems fair to say that we face a stark choice between dangerous climate change and abandoning fossil fuels.

Given that the value of fossil fuel companies is based on the assumption that they will be able to dig up and sell all the reserves they own, now might be an especially appropriate time to start divesting from fossil fuels.

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{ 2 comments… read them below or add one }

. November 13, 2012 at 12:04 pm
oleh November 16, 2012 at 5:59 am

You may interested in this lecture today:

The Toronto International Relations Seminar Presents: David Welch – “Learning and Foreign Policy: Forward into the Past”
2:00 pm:
Department of Political Science Seminar Series Presents Michael Ross – “Oil and Unbalanced Globalization”

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