Fossil fuel extraction and global warmingDate: 13 September 2021 Tags: Climate Change
Global oil and gas production should decline by three per cent per year until 2050 to keep global warming to below 1.5 degrees Celsius, according to a study by University College London.
The global fossil fuel extraction needs to go down if the world aims to achieve target set by the 2015 Paris Climate Agreement.
The global cost of air pollution due to fossil fuels come to $2.9 trillion. The daily cost is about $8 billion per day.
It comes to about 3.3 percent of global GDP. India will have to bear the cost of $150 billion from air pollution caused by fossil fuels.
Paris climate goals
In 2015, 195 countries had signed the Paris Climate Agreement to limit climate change in the coming decades. It will slow the process of global warming.
Countries will have to limit the increase in global temperature rise. Maintaining a 2 degrees increase will be a big challenge. Poor countries and island states had requested a lower goal.
The temperatures have already increased 1 degree Celsius above pre-industrial levels (1950-1900) due to climate change. Currently, limiting global warming to under 1.5 degrees is the target.
The currently planned and operational targets of reducing fossil fuel extraction is not suitable to meet the targets under the 2015 goals.
Most of the world has already reached their peak fossil fuel production. Increase in fossil fuel production will have to be reduced somewhere else.
If global warming targets are kept in mind, about 58 percent for oil, 59 percent for fossil methane gas and 89 percent for coal by 2050 has to remain unextracted.