EnergyWatch

IEA calls for an end to new oil extraction from 2021 in new climate plan

The fossil energy industry must begin to wind down operations immediately, and the wind and solar build-out must rapidly accelerate, shows the IEA's new roadmap toward climate neutrality – and the goal can still be reached, the agency says.

IEA urges promptly bidding oil as an energy source adieu. | Photo: FREDERIC J. BROWN/AFP / AFP

Investments in fossil energy extraction and new coal-fired power plants must cease immediately for the world to achieve its objective of becoming net climate neutral from 2050, concludes a new study from the International Energy Agency in its first comprehensive report mapping the practical consequences and necessary steps for the world to reach the mid-century goal.

Beyond promptly halting the establishment of new oil production and coal-fired power generation, sales of internal combustion engine vehicles must stop by 2035 at the latest, while the electricity sector must be net CO2-neutral from 2040.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Danish carbon storage can run at max from day one

TotalEnergies can't see the need to pilot carbon storage under the Harald field in the Danish North Sea. Rather, the supermajor wants to begin at full scale if the Bifrost project manifests. Although much now depends on two forthcoming events: presentation of political strategy and allocation of EUDP money.

Europe’s carbon price has almost tripled in 2021

European carbon futures rose above EUR 80 a tonne on Friday for the first time, testing the resolve of politicians who are promising to act aggressively on climate change while grappling with inflation that’s tearing into economies across the globe.

Further reading

Related articles

Latest News

See all jobs