The report notes that more than half of the world’s fossil fuel production is controlled by state-owned companies, which are often shielded from market pressures and are sometimes required by law to maintain production to ensure tax continuity. The Biden administration has pledged to suspend and reform leasing programs for oil and gas production in federal states, although these efforts were linked in the courts. In a new report by researchers at the Stockholm Environment Institute, it’s shown that even as countries like China and United States are expecting to cut back on coal extraction in coming decades- thanks largely due an increase renewable energy production – many nations still have no plan for what should happen once their current reserves run out.The report indicates that the United States is still expected to see significant growth in oil and gas production by 2030. Mirroring an earlier report published last year–the International Energy Agency projects global energy consumption will reach nearly 53 billion tons annually by 2040 Despite this increase there are some signs suggesting it may begin leveling off after 2020 due largelyto rising renewables costs which make fossil fuels uncompetitive without subsidies. However, by 2030 with the increasing demand of these dirty fuels many could find themselves floundering if they don’t shift quickly enough into cleaner sources like solar power or hydrogen fuel cells that do not contribute significantly (or at all) towards climate change when used for electricity production. The world is planning to produce 240 percent more coal, 57% more oil and 71% natural gas than would be needed in order for countries’ economies not to crumble. The report found there are three main reasons why this should be so: firstly, scientists have steadily surpassed earlier predictions about how much carbon dioxide will affect average temperatures once anoxic periods return following industrialization secondly, Although some regions might benefit from economic growth linked – through energy consumption or greater use out food production sectors which produce environmentally unsound manure fertilizers third Scientists and world leaders are increasingly convinced that holding global warming to 1.5 degrees Celsius is crucial if humanity wants the chance of avoiding ever more devastating consequences, such as a planet-wide climate catastrophe where heat waves become exponentially worse while extreme weather events continue on their current trajectory towards destruction with little hope for recovery in sight. In fact new data released this week from The United Nations Environment Programme (UNEP) found that 15 major fossil-fuel producing nations had submitted reports with regards to future mining or drilling projects which will take place between 2018 – 2029 including USA,Saudi Arabia, Russia, Canada China India Norway Scotland UK Argentina Venezuela Indonesia Malaysia Philippines South Africa Mexico Thailand Gabon Ghana Angola Zambia Iraq Tunisa Uganda Peru Belize El Salvador Sao Vicente. The International Energy Agency recently analyzed what would be needed for all nations’ fossil fuel use over three decades before they phase out greenhouse gases from now on as well: major cuts across every sector of industry with no new developments allowed outside those committed today or currently under construction (including coal mines). If the world is going to hold global warming at 1.5 degrees Celsius, it’ll need a complete revolution in how we produce and use energy–essentially achieving “net-zero” emissions by 2050.
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