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May 19, 2021 News
Guyana will suffer environmentally, economically if it does not heed advice – Janki
By Kiana Wilburg
Kaieteur News – If the world is to achieve Net Zero Emissions (NZE) by 2050, then plans for new oil and gas projects must come to a halt and drillers must rely on existing assets from today. This blunt message was noted in a bombshell 227-page report by the International Energy Agency (IEA).
The report comes as a huge shocker to many environmentalists and industry stakeholders who often branded the Paris-based organisation as being sympathetic to the oil industry, oftentimes underestimating the significance of renewable energy.
In fact, the IEA has previously been in support of fossil fuel extraction efforts, and featured scenarios in its energy reports that would put the world on track to a catastrophic three degrees Celsius of warming, according to Oil Change International, a group that advocates against the continuation of the fossil fuel industry. Furthermore, previous scenarios championed by the IEA had put the world on track to net zero by 2070, which would be far too late to prevent the worst effects of the climate crisis, according to the findings of climate scientists.
In an about-turn, the report which was issued yesterday by the global energy influencer is the world’s first comprehensive study on 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. It sets out a cost-effective and economically productive pathway, resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels. The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioural changes in reaching net zero.
Furthermore, the special report is designed to inform the high-level negotiations that will take place at the 26th Conference of the Parties (COP26) of the United Nations Climate Change Framework Convention in Glasgow in November. It was requested as input to the negotiations by the UK Government’s COP26 Presidency.
In the report examined by this newspaper yesterday, the IEA categorically stated, “other than fields already approved for development, no new oil fields are necessary. However, continued investment in existing sources of oil production is needed.”
The IEA also stated that if the NZE scenario is to be realised, then no new Natural gas fields are needed beyond those already under development. Also not needed the agency said are many of the liquefied natural gas (LNG) liquefaction facilities currently under construction or at the planning stage.
Following the release and independent review of the said report, International Lawyer, Melinda Janki, told Kaieteur News in an invited comment that the IEA has made it clear that the oil and gas sector must come to end and is in fact coming to an end. She alluded that this has potentially grave consequences for Guyana economically and environmentally if it does not heed the clear advice that has been handed down by the Paris-based organisation.
The lawyer said, “Our national task now must be to protect Guyana and not be fooled by false promises of wealth. We must use the raft of available legislation and legal remedies to protect this nation. We must put aside political affiliation and unite to protect our environment for present and future generations.”
Janki concluded that ExxonMobil petroleum venture must be seen to be clearly subject to the rule of law and in line with the new trajectory that has to be taken.
ABOUT THE INTERNATIONAL ENERGY AGENCY
The International Energy Agency (IEA; French: Agence internationale de l’énergie) is a Paris-based autonomous intergovernmental organisation established in the framework of the Organisation for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis. The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source on statistics about the international oil market and other energy sectors. It is best known for the publication of its annual World Energy Outlook.In the decades since, its role has expanded to cover the entire global energy system, encompassing traditional energy sources such as oil, gas and coal as well as cleaner and faster growing ones such as solar PV, wind power and biofuels. Today, the IEA acts as a policy adviser to its member states, as well as major emerging economies such as Brazil, China, India, Indonesia and South Africa to support energy security and advance the clean energy transition worldwide. The Agency’s mandate has broadened to focus on providing analysis, data, policy recommendations and solutions to help countries ensure secure, affordable and sustainable energy for all. In particular, it has focused on supporting global efforts to accelerate the clean energy transition and mitigate climate change. The IEA has a broad role in promoting rational energy policies and multinational energy technology co-operation with a view to reaching net zero emissions.The IEA’s current Executive Director is Fatih Birol, who took office in late 2015 and began his second term four years later.In response to the growing number of pledges by countries and companies around the world to limit their emissions to net zero by 2050 or soon after, although that is not compatible with the 1.5 °C target, that would require net zero in the mid 2030’s, IEA announced in January 2021 that it would produce a roadmap for the global energy sector to reach 2050 net zero. That report was released yesterday.
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