"The world’s leading energy economist has warned against investing in large new
oil and gas developments, which would have little impact on the current energy
crisis and soaring fuel prices but spell devastation to the planet.
Fatih Birol, the executive director of the International Energy Agency (IEA),
was responding to an investigation in the Guardian that revealed fossil fuel
companies were planning huge “carbon bomb” projects that would drive climate
He said countries must seek to replace Russian oil and gas in the near term
without damaging their long-term prospects.
“I understand some countries may look at new fossil fuels but they should
remember it takes many years to start production,” he said. “[Such projects]
are not the solution to our urgent energy security needs and they will lock in
fossil fuel use.”
Revelations by the Guardian show nearly 200 carbon bomb projects are in
planning, or have already started pumping, that will each result in at least
1bn tonnes of carbon dioxide emissions over their lifetimes, equivalent to
about 18 years of current global emissions.
Companies pursuing such developments could end up with uneconomic stranded
assets, Birol warned. “If the world is to succeed in moving to net zero, these
projects may fail to recover their upfront development costs,” he said in an
interview with the Guardian."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics