This briefing gives financial institutions an overview of the IEA’s first 1.5°C-aligned scenario and what it means for oil and gas. We show that the IEA’s conclusion about ending new oil and gas field development is not a product of scenario design; it’s the arithmetic of 1.5°C.
For the first time, the International Energy Agency (IEA)’s flagship annual report on global energy pathways, used worldwide to influence trillions of dollars in investment, details an achievable roadmap to keep global heating below 1.5 degrees Celsius (°C).
Today, Oil Change International and over 150 other civil society organisations from all over the world sent an open letter to International Energy Agency (IEA) director Dr. Fatih Birol, urging him to center 1.5 degrees Celsius (ºC) in the 2021 World Energy Outlook (WEO). The IEA is due to release the WEO in one month, on October 13, 2021.
The IEA’s new 1.5°C-aligned scenario finds “no need for investment in new fossil fuel supply.” This represents a break from past IEA reports that boosted new oil and gas development by focusing on scenarios that steered the world towards catastrophic levels of warming. This is a big step in the right direction.
WEO 2020 is only a small step forward when the world needs a giant leap. Now the IEA has to finish the job and fix the WEO.
Limiting warming to 1.5ºC is both urgent and possible, but governments and investors alike need pathways that allow them to plan for success, not further entrench fossil fuels.
In response to the new report released today by the International Energy Agency (IEA), experts at Oil Change International have issued the following statement: “The IEA again misses the mark where it matters the most, completely ignoring the link between sustainable recovery and staying within 1.5°C of warming. Nowhere in the report is there mention of the critical 1.5-degree warming limit, let alone analysis of what’s needed for a recovery plan to be fully aligned with it.”
L’AIE publie aujourd’hui une édition spéciale de son rapport World Energy Outlook dédié aux mesures de soutien aux énergies propres dans le contexte des plans de relance post-COVID. Et pourtant, loin de marquer une rupture avec les modèles préexistants, le rapport s’obstine à ménage toutes les formes d’énergie et fait l’impasse sur la nécessaire sortie des hydrocarbures.
Oil Change International et Reclaim Finance dénoncent cet énième rapport inepte pour guider les choix des décideurs politiques et financiers en matière de transition énergétique et appellent ces derniers à la plus grande prudence quant à ses conclusions.
People all over the world are facing unprecedented crises from COVID-19. These tragic impacts will be the deepest in the world’s most vulnerable communities, regions and countries. IEA director Dr. Fatih Birol has urged governments worldwide to place clean energy at the heart of stimulus. Here Dr. Birol is right – but making this clean energy call count with real ambition is critical if the IEA wants to shake its reputation as a shill for the fossil fuel sector.
In case you missed it, yesterday the International Energy Agency released its hallmark report, World Energy Outlook (WEO) 2019. If the resultant press coverage and social media traffic was any indication, there are growing concerns over the inadequacy of the WEO.