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Current Affairs

Fossil fuel extraction and global warming

Date: 13 September 2021 Tags: Climate Change

Issue

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.

 

Background

The global fossil fuel extraction needs to go down if the world aims to achieve target set by the 2015 Paris Climate Agreement.

 

Details

  • 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 study

  • 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.