Nearly half of existing fossil fuel production sites need to be shut down early if global heating is to be limited to 1.5C, the internationally agreed goal for avoiding climate catastrophe, according to a new scientific study.
The assessment goes beyond the call by the International Energy Agency in 2021 to stop all new fossil fuel development to avoid the worst impacts of global heating, a statement seen as radical at the time.
The new research reaches its starker conclusion by not assuming that new technologies will be able to suck huge amounts of CO2 from the atmosphere to compensate for the burning of coal, oil and gas. Experts said relying on such technologies was a risky gamble.
The Guardian revealed last week that 195 oil and gas “carbon bombs” are planned by the industry. This means projects that would each produce at least 1bn tonnes of CO2. Together, these carbon bombs alone would drive global heating beyond the 1.5C limit. But the dozen biggest oil companies are on track to spend $103m (£81m) a day until 2030 on climate-busting schemes.
Greg Muttitt, at the International Institute for Sustainable Development, was one of the leaders of the new research and said: “Halting new extraction projects is a necessary step, but still not enough to stay within our rapidly dwindling carbon budget. Some existing fossil fuel licences and production will need to be revoked and phased out early. Governments need to start tackling head-on how to do this in a fair and equitable way, which will require overcoming opposition from fossil fuel interests.”