International Energy Agency wants no more oil projects for the world; heres why

International
Energy Agency (IEA), the world’s premiere intergovernmental energy body, has
called for an end to new oil and gas projects if the climate crisis is to be
averted. IEA executive director Fatih Birol told the Guardian that oil
companies were planning huge “carbon bomb” projects that would drive climate
catastrophe.

“I understand some
countries may look at new fossil fuels but they should remember it takes many
years to start production,” the IEA said, adding that oil and gas projects are
not the solution to “our urgent energy security needs and they will lock in
fossil fuel use.”

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Birol further said
that while countries need to replace their oil imports owing to the sanctions
on Russia, the replacement should not derail their long-term plans.

“If the world is
to succeed in moving to new zero, these projects may fail to recover their
upfront development costs,” the IEA chief told the Guardian in an interview. He
said that while he understood why countries were moving quickly to replace
Russian oil, “there is the issue of the time horizon.”

A Guardian investigation
recently found that nearly 200 “carbon bomb” projects are either being planned
or in the works. These new projects will cause one billion tonnes of carbon
dioxide emissions over their lifetimes, the probe found.

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According to the
IEA chief, the most suitable projects of the times are those with “short lead
times and quick payback periods, such as expanding production from existing
fields.”

He further said
governments should work on reducing fossil fuel demand by encouraging home
insulation, cutting speed limits and introducing car-free days in cities. “I believe
we have the chance to make this a historic turning point to a cleaner and more
secure energy system…This is the first time I have seen such momentum behind
the change to clean energy,” he said.