{"id":57943,"date":"2021-05-19T19:52:13","date_gmt":"2021-05-20T00:52:13","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57943"},"modified":"2021-05-19T19:52:13","modified_gmt":"2021-05-20T00:52:13","slug":"the-ieas-latest-proposal-is-both-reckless-and-impossible","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57943","title":{"rendered":"The IEA\u2019s Latest Proposal Is Both Reckless And Impossible"},"content":{"rendered":"

The IEA\u2019s Latest Proposal Is Both Reckless And Impossible<\/a><\/h3>\n
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The International Energy Agency,\u00a0 which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report \u201cNet Zero in 2050\u201d, the energy agency calls for\u00a0no new investments<\/a>\u00a0in oil- and gas-related projects.<\/p>\n

As stated by Fatih Birol, the IEA\u2019s executive director, \u201cnew energy security challenges will emerge on the way to net zero by 2050 while longstanding ones will remain, even as the role of oil and gas diminishes\u201d.\u00a0 The IEA also stated that the contraction of oil and natural gas production will have far-reaching implications for all the countries and companies that produce these fuels. In a very remarkable statement, Birol said that \u201cno new oil and natural gas fields are needed in the net zero pathway\u201d. While he admits that, within that pathway, oil and gas supplies (aka production) will become increasingly concentrated in a small number of low-cost producers. Based on its own assessments, the IEA predicts that OPEC\u2019s share of a much-reduced global oil supply will increase from 37% at present to 52% in 2050, a level higher than at any point in the history of oil markets.<\/p>\n

While the IEA\u2019s new report focuses on the need to drastically reduce our use of fossil fuels in order to reduce CO2 and methane emission, there are some major underlying issues it fails to address. In its determination to reach Net Zero emissions by 2050, the IEA appears to have engaged in wishful thinking, ignoring the existing constraints and immense investments needed to achieve such a goal. In its report, the agency does admit that there are severe risks on the way to Net Zero, including geopolitical and economic risks related to an overdependency on critical minerals.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The IEA\u2019s Latest Proposal Is Both Reckless And Impossible The International Energy Agency,\u00a0 which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report \u201cNet Zero in 2050\u201d, the energy agency calls […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,4],"tags":[113,15095,328,416,433,30673,1729,5332],"class_list":["post-57943","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-environment","tag-carbon-emissions","tag-cyril-widdershoven","tag-fossil-fuels","tag-iea","tag-international-energy-agency","tag-net-zero","tag-oil-and-gas-industry","tag-oilprice-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57943"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57943\/revisions"}],"predecessor-version":[{"id":57944,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57943\/revisions\/57944"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}