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News analysis

No New Fossil Fuel Projects Needed

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London, May 30, 2024 , (Oilandgaspress) ––The world has enough fossil fuel projects planned to meet global energy demand forecasts to 2050 and governments should stop issuing new oil, gas and coal licences, according to a large study aimed at political leaders.

If governments deliver the changes promised in order to keep the world from breaching its climate targets no new fossil fuel projects will be needed, researchers at University College London and the International Institute for Sustainable Development (IISD) said on Thursday.

In a paper published in the academic journal Science this evening, researchers from University College London (UCL) and the International Institute for Sustainable Development (IISD) conclude that new coal, oil and gas projects are unnecessary for meeting projected future energy demand.

And, as a result, the study calls on governments around the world to enact legislation banning all new fossil fuel projects, which it said was a “crucial first step” countries must take to achieve climate goals.

Information Source: Read full article

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