IEA calls for halt to development of new oil and gas fields

International Energy Agency (IEA) Director Fatih Birol, made an appeal to the international community meeting this year at the COP26 International Climate Change Conference in Glasgow. "Investments in dirty energy could be lost, instead investments should be made in clean energy to make profits," Birol said. Current efforts to reach the 1.5-degree target are far from sufficient, he said. What is needed globally is a tripling of investments in clean energy and for electrification in the transport sector. (pv-magazine, 10/14-21)

Laura Cozzi of the IEA clarified, "There is a big gap: the countries' commitments submitted so far for the COP26 climate conference in Glasgow cover only 20 percent of the required greenhouse gas reductions by 2030. If that doesn't change, the world is headed for 2.1 degrees of warming." (pv-magazine, 10/14-21) 

More than 40 percent of the required emissions reductions could be achieved through efficiency-oriented measures. Wind and solar energy in particular would play a decisive role in the necessary CO₂ reductions. These energy sources are already cheaper than fossil fuels in many regions of the world. Holding on to coal-fired power generation can therefore no longer be justified on economic grounds, according to Cozzi. (pv-magazine, 10/14-21).

Even after the Covid 19 pandemic, the global economy is growing by about 6 percent this year, and energy demand is also rising noticeably in all sectors. Those emerging economies that are experiencing high rates of consumption growth need the support of industrialized countries to invest in renewable energy on a larger scale. So far, the industrialized countries have pledged funding of $100 billion per year.

Source: pv magazine from 10/14/2021, https://www.pv-magazine.de/2021/10/14/iea-keine-neuen-oel-und-gasfelder-mehr-erschliessen-und-investitionen-in-erneuerbare-verdreifachen

 (last access on 10/19/2021 at 4 p.m.)