Oil Should Remain in the Ground
A new study says that oil and gas production around the world must fall by 3% each year, with 58% of known petroleum reserves remaining in the ground, to hold global heating to the 1.5 degrees Celsius goal in the Paris Agreement.
“There’s a good likelihood the rates of decline are going to have to be even larger, and the total amount of carbon that’s going to stay in the ground is also going to be larger,” said James Price at University College London, involved in the analysis.
While some oil companies have cut their plans for future oil and gas extraction as they transition to low-carbon energy, Price says the outlook is bleak for cooperation from countries that rely on revenue from oil and gas.
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