The International Energy Agency has stated in their new Net Zero Roadmap released today that there is no need for investment in new fossil fuel supply in our net-zero pathway. In addition, the agency has ruled out new oil and gas fields, after 2021, as well as new coal mines and mine extensions.
Responding to the IEAs new 1.5°C-aligned net zero scenario, Jennifer Morgan, Executive Director of Greenpeace International said:
Finally the IEA is starting to get it: If were to have a fighting chance of meeting the objectives of the Paris Agreement, the world needs to phase out fossil fuels. We cant even burn or afford to burn all the reserves weve currently got.
To avert climate catastrophe and biodiversity devastation, and to maintain an unwavering policy focus on climate change in the net zero pathway, governments and regulators have to act and that means an end to licensing for new oil and gas now. The IEA has spelled it out once and for all: if youre in a hole, stop digging.