The International Energy Agency has,in effect,called last drinks on fossil fuels.Credit:AP
Under this scenario,comprehensively modelled and outlined in detail by the world’s leading energy authority,no new mines are needed and no new coal plants would be built from the end of the year. Gas and oil would follow.
“No new natural gas fields are needed in the[net zero by 2050 scenario] beyond those already under development. Also not needed are many of the liquefied natural gas liquefaction facilities currently under construction or at the planning stage,” said the report,commissioned by Boris Johnson’s conservative UK government as it prepares to host United Nations climate talks in Glasgow in November.
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“Between 2020 and 2050,natural gas traded as LNG falls by 60 per cent and trade by pipeline falls by 65 per cent. During the 2030s,global natural gas demand declines by more than 5 per cent per year on average,meaning that some fields may be closed prematurely or shut-in temporarily.”
The IEA boasts thatthe report,titled Net Zero by 2050,is the world’s first comprehensive study of how to “transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies,providing universal energy access,and enabling robust economic growth.”
The task is possible,in the IEA’s view,should the world’s governments embrace an abrupt and unprecedented transformation in how energy is produced,transported and used.
There is good news for Australia too. Australia is recognised as a potential exporter of hydrogen made from solar and wind power as fossils rapidly decline. The report sees a key role for the sort of carbon capture and storage championed by the government in its technology roadmap.