The Guardian and the New York Times report that the International Energy Agency has released a new report that says that in order to meet climate goals by 2050, there should be no new investments in oil and gas. Starting now.
The Guardian quotes Fatih Birol, the head of the IEA, saying: “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”
In our opinion that includes subsidies, write-offs, and tax benefits that we give to fossil fuel companies and investment banks that finance the fossil fuel industry.
The report says: “Despite many pledges and efforts by governments to tackle the causes of global warming, CO2 emissions from energy and industry have increased by 60% since the United Nations Framework Convention on Climate Change was signed in 1992.”
“Global commitments and actions are growing, but they still fall well short of what is needed to limit the rise in global temperatures to 1.5 °C and avert the worst effects of climate change.”
Mr. Birol commented today and in April there is a large gap between what leaders have pledged, and what countries are actually doing. Others have noted this for years, leading to the “Mind the Gap” campaign that many advocates are doing.
This will not be a disruption in terms of an energy market crash, because there will always be an energy market. But there will be major shifts as we transition from fossil fuels to clean renewable energy. Current oil and gas workers can be retrained to install and maintain clean energy projects. Barren abandoned coal mines and current oil fields can be converted to solar or wind arrays, or maybe a mix of both. We can’t leave workers high and dry with no jobs as energy markets shift, we have to include them in our plans for the transition.
Building solar and wind arrays and clean transportation will cost money, but we already spend $20-$50 billion a year in fossil fuel subsidies and tax preferences. We also spend trillions a year in health costs caused by fossil fuels. Remember that 13% of all deaths in the U.S. come from just the PM2.5 part of air pollution made by fossil fuels, and another 1.6% of all deaths come from nitrogen oxides which are largely from burning fossil fuels. Neither of these include the ozone portion of fossil fuel air pollution, which is as bad for our health as smoking a pack a day of cigarettes.
Behind the deaths, are even larger amounts spent on hospitalizations, medicine, doctor visits, and lost productivity at school and work when people are sick. And there is the indescribable suffering for people who are needlessly sick because of polluting energy – preventing that suffering is a major benefit of clean renewable energy.
We need to “put our money where our mouth is” and stop financing fossil fuels. This will fight climate, vastly improve our health, save money on health care costs, and let people thrive and enjoy life. #Healthy Air Is Health Care.
Read the news story in the Guardian.
Read the news story in the New York Times.
Read the full IEA report.
05/18/2021
