The wealthiest countries need to have phased out their production by 2034 at the latest, or by 2031 for a higher chance to stay below 1.5°C of warming. The report is also clear that immediate action is needed: their production must go down by 74% by 2030.
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Oil Change International reacts to new Tyndall Centre report
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.