The third and final installment in a series of blogs on the IEA’s Special Report on gas and energy transitions. This blog discusses the IEA’s analysis of methane leakage and its faith in carbon capture and storage.
The second in a series of blogs on the IEA’s 2019 report on the role of gas in energy transitions. This part explores the climate risks inherent in the report’s main policy prescription.
The IEA latest report on gas all but makes the case against gas as a “bridge fuel”. But still finds a way to push for more of the controversial fuel.
“There is no regulatory framework for fracking that will keep the toxins out of air and water, or will protect the climate from carbon and methane releases. It can’t be done. It can’t be made safe. Like lead paint, we finally have to ban it.”
For IEA scenario reform, the devil is in the details. The IEA must develop a 1.5°C scenario that is aligned with the goals of the Paris climate agreement and address the concerns of key WEO users. Anything less would be easy to discount as greenwashing or another example of the pro-fossil fuel bias at the IEA.
The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.
Over the past decade, nearly 90% of the U.S. Export-Import Bank’s total finance for energy projects has flowed to projects in oil, gas, and coal. As momentum grows for climate solutions in the U.S. and abroad, there is an urgent need for a ban on fossil fuel financing at ExIm.
A new analysis released today highlights how European Investment Bank (EIB) financing of fossil fuel projects – in particular gas pipelines and LNG terminals – is not compatible with EU climate commitments or the aims of the Paris Agreement.
There is no room for further financing of fossil gas or any other fossil fuel projects by the EIB. This briefing calls for the new Energy Lending Policy to reflect this reality. The EIB cannot claim to uphold its commitment to align its finance with the Paris Agreement if it continues to finance fossil gas projects.
When it comes to making decisions on expensive and complex energy infrastructure, investors, governments, and companies look decades into the future. Unfortunately for action on climate change, the IEA’s World Energy Outlook has a strong status quo bias.