A new report released today by the Tyndall Centre for Climate Change Research in the UK concludes that wealthy, economically diversified countries, which currently account for more than a third of global oil and gas production, need to phase out their extraction by 2034 for the world to maintain a 50% chance of limiting warming to 1.5°C. This analysis, which is the first study to assign dates at which countries should phase out their production of oil and gas on the basis of equity, also highlights that a globally just transition will require wealthy countries to fund a systemic transition away from fossil fuels in the Global South, over and above their existing debts for climate finance and reparations.
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Why Does the IEA Keep Forecasting Climate Failure?
There’s a battle taking place over how we think our energy future will unfold. And tomorrow, the organization that arguably holds a near monopoly over how most decision-makers perceive this future – the International Energy Agency (IEA) – will release its latest volley.