{"id":565950,"date":"2021-05-18T13:38:41","date_gmt":"2021-05-18T13:38:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/iea-calls-for-halting-new-oil-and-gas-exploration-projects\/"},"modified":"2021-05-18T13:38:41","modified_gmt":"2021-05-18T13:38:41","slug":"iea-calls-for-halting-new-oil-and-gas-exploration-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/iea-calls-for-halting-new-oil-and-gas-exploration-projects\/","title":{"rendered":"IEA calls for halting new oil and gas exploration projects"},"content":{"rendered":"

<\/a> The International Energy Agency (IEA) is calling for an end to new oil and gas <\/strong>exploration <\/strong>to achieve net zero carbon dioxide emissions by 2050 and meet the Paris Agreement goals, the IEA said in its Net Zero by 2050<\/a> roadmap for the energy sector.<\/p>\n

This is a pretty big rethink <\/strong>for an organization that the Financial Times<\/a> dubs the West\u2019s \u201coil watchdog.\u201d The IEA says that these targets will require increasing annual energy investments from USD 2 tn to USD 5 tn by 2030, the bulk of which will be in clean energy, said IEA chief Fatih Birol. Demand for coal would need to drop by 90%, oil demand would need to shrink by 75%, and natural gas demand must drop to half by 2050, the report says.<\/p>\n

It isn\u2019t calling for an end to hydrocarbons though:<\/strong> Although exploration should stop, \u201ccontinued investment in existing sources of oil production are needed,\u201d the IEA said.<\/p>\n

The IEA\u2019s road map is in direct odds with Europe\u2019s biggest oil producers<\/strong>, all of which have climate plans that include seeking out and developing oil and gas fields for years to come, Bloomberg<\/a> reports<\/p>\n

\u201cCountries whose economies are relying on oil and gas revenues will face huge challenges,\u201d <\/strong>adds Birol. Oil producing countries have long argued that investment in new fossil fuel projects was needed to meet the demand of emerging economies in Asia and Africa, but the IEA\u2019s model is more severe than producers have prepared for, the salmon colored paper suggests.<\/p>\n","protected":false},"excerpt":{"rendered":"

The International Energy Agency (IEA) is calling for an end to new oil and gas exploration to achieve net zero carbon dioxide emissions by 2050 and meet the Paris Agreement goals, the IEA said in its Net Zero by 2050 roadmap for the energy sector. This is a pretty big rethink for an organization that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[7286,633,746,3191,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565950","post","type-post","status-publish","format-standard","hentry","category-the-macro-picture","tag-climate","tag-enterprisepm","tag-international-energy-agency","tag-paris-agreement","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"c26d7113-1fe8-458a-a46c-a2de3ad95d8d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565935],"teaser":"","voice_url":""},"yoast_head":"\nIEA calls for halting new oil and gas exploration projects - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/iea-calls-for-halting-new-oil-and-gas-exploration-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IEA calls for halting new oil and gas exploration projects\" \/>\n<meta property=\"og:description\" content=\"The International Energy Agency (IEA) is calling for an end to new oil and gas exploration to achieve net zero carbon dioxide emissions by 2050 and meet the Paris Agreement goals, the IEA said in its Net Zero by 2050 roadmap for the energy sector. 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