Greenpeace has blasted oil bosses for “scaremongering” as it welcomes an academic report saying new fossil fuel projects aren’t needed.
The report says that energy firms do not need to develop new oil, gas and coal projects to meet energy demand forecasts until 2050, and governments should stop issuing new oil, gas and coal licences.
The study by researchers at University College London and the International Institute for Sustainable Development (IISD), scrutinised global demand for oil and gas production in the future and for coal- and gas-fired power generation.
It studied a range of scenarios that limit warming to 1.5C above pre-industrial levels.
It found that in addition to not needing new fossil fuel extraction, no new coal and gas-powered power generation was needed in a net zero future.
The study marks the first peer-reviewed paper published in a scientific journal to argue that no more fossil fuel projects are needed as renewable energy sources take up the demand, according to the FT.
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Dr Steve Pye, a co-author of the report from the UCL Energy Intitute, said: “Importantly, our research establishes that there is a rigorous scientific basis for the proposed norm by showing
“The clarity that this norm brings should help focus policy on targeting the required ambitious scaling of renewable and clean energy investment, whilst managing the decline of fossil fuel infrastructure in an equitable and just way.”
Greenpeace welcomed the report but accused oil bosses of “scaremongering”.
Charlie Kronick, senior climate advisor, Greenpeace UK, said: “Oil bosses are rowing back their climate commitments while scaremongering about the need to expand fossil fuel production, but this timely report confirms this is just a desperate attempt to protect their bottom lines.
“The science clearly shows that new fossil fuel projects are not only unnecessary, they will exacerbate global climate chaos which is overwhelmingly impacting the world’s poorest and most vulnerable communities.
“With the mercury soaring from New Delhi to Nevada, the climate crisis is being felt across the globe. We urgently need bold international leadership, which forces the fossil fuel industry to stop drilling and to start paying for the damage it is causing around the world.”
A recent report found that none of the big oil and gas producers surrounding the North Sea plan to stop drilling soon enough to meet global heating targets
While earlier this week, Greenpeace said that Shell’s lawsuit against it “backfired” as it raised over $1m from supporters to fight the case.
