John Kerry, the US climate envoy, caused controversy when he suggested at the weekend that half of the carbon reductions needed to reach net zero by 2050 would be made using new technology. Birol made it clear that the technology needed to reach net zero is neither blue-sky nor futuristic. The IEA undertook the report – the most comprehensive yet into the global requirements to meet the net zero emissions target – at the request of the UK government. He added that the IEA predicts that global oil demand will decline from the 90m barrels a day at present to about 24m barrels a day by 2050. “Therefore there will not be a need for new investments in oil and gas fields, or new investments in coalmines,” he said.

Source: The Guardian May 18, 2021 05:00 UTC