Press Release: 10 June 2021
The world already has more than enough renewable energy potential to comfortably make the transition away from fossil fuels while also expanding energy access for all, finds new analysis by Dr. Sven Teske and Dr. Sarah Niklas from the Institute for Sustainable Futures, University of Technology, Sydney.
Fossil Fuel Exit Strategy shows clearly that, even if no new fossil fuel projects were built from today onwards, carbon emissions from existing projects are still far too high to stay on course towards meeting the goals of the Paris Agreement. Modelling in the report demonstrates the world would produce significantly more fossil fuels than it can afford under a 1.5ºC climate goal by 2030, leading to 66% more emissions in 2030 than is compatible with 1.5ºC. Therefore, the world needs to actively wind down existing coal mines and oil and gas wells while increasing renewable energy.
The report shows that this transition is not only required but completely feasible. In fact, all regions have enough renewable energy to provide energy access to all using existing technologies.
This suggests that it is possible to meet the twin challenges of phasing out fossil fuels and increasing electricity access at the speed required through scaling up renewable energy.
This report comes shortly after the International Energy Agency’s Net Zero by 2050 Roadmap that states clearly the world needs to stop investing in and expanding fossil fuels. The Fossil Fuel Exit Strategy report goes further by finding that it is also necessary to begin phasing down existing coal mines and oil and gas wells to have a chance of preventing catastrophic climate change.
The report, which builds on existing research on fossil fuel overproduction and renewable energy potential, analyzes fossil fuel phase out pathways that will be necessary to remain within a 1.5°C trajectory and compares this to a feasible scale up pathway for renewable energy. It does this while excluding technologies that are uncertain or require unreasonable amounts of land use, such as bioenergy with carbon capture and storage (BECCS), unlike scenarios provided by the IPCC and IEA.
The report’s main findings include:
- Even if fossil fuel expansion ended overnight, too many fossil fuels are already under production in existing coal mines and oil and gas wells to remain within a 1.5°C budget.
- To keep warming to below the temperature goal of 1.5ºC there must be both an end to expansion of fossil fuel production, and a phase down of existing production.
- The world has more than enough renewable energy resources that can be scaled up rapidly enough to meet the energy demands of every person in the world.
- The report shows that, by 2030, even without any new coal, oil or gas projects, the world would produce 35% more oil and 69% more coal than is consistent with a 1.5°C pathway.
- Every continent in the world has enough renewable energy potential to provide 100% renewable energy access to its population.
- As the cost of renewables has dropped, economic potential for renewables has grown alongside technical potential. Even when taking into account environmental safeguards, land constraints and technical feasibility, solar and wind energy could power the world more than 50 times over.
- Continuing to expand the fossil fuel sector will only lock in further infrastructure that will become stranded assets, with devastating climate and humanitarian consequences.
The report was produced by the Institute for Sustainable Futures, University of Technology, Sydney and conducted in cooperation with the Fossil Fuel Non-Proliferation Treaty Initiative. The report is endorsed by 350.org and a long list of partners. Full text is available at fossilfueltreaty.org/exit-strategy and a suite of report graphics, animations and charts can be downloaded here.
Associate Professor Sven Teske, Research Director at the University of Technology Sydney, said: “National governments must establish binding limits for the extraction volumes for coal, oil and gas. A just transition for workers from the fossil to the renewable energy industry is essential. Any new investments in coal, oil and gas projects are not in line with the Paris agreement and would most likely be stranded due to favourable economics for renewables – especially solar and wind. The combination of renewable energies, storage technologies and renewable fuels such as hydrogen and synthetic fuels will provide reliable energy supply for industries, future travelling as well as for buildings. The fossil energy industry must be wound down.”
Landry Ninteretse, 350Africa.org Regional Director, said: “This report confirms once again that there is absolutely no future in fossil fuel investments. Africa is particularly rich in renewable sources of energy such as wind and solar power should be given priority to meet the double challenge of clean energy access and emissions reduction. With real political ambition and proper planning, the continent can scale up renewable energy and provide an environmentally sustainable energy mix to meet the demands of the population. It is time to act with speed and intent to phase out fossil fuels in order to safeguard the environment, as well as the rights and livelihoods of communities, particularly those in the global south”.
Rebecca Byrnes, Deputy Director for the Fossil Fuel Non-Proliferation Treaty Initiative, said: “This report shows that a practical pathway exists where there are no new fossil fuel projects, existing projects are phased out, emissions are kept within a 1.5°C budget and energy access becomes universal, all while using existing and increasingly cost-competitive technologies. The hurdle is no longer economic nor technical; our biggest challenges are political. A cleaner future is within reach and, while international cooperation is essential for innovation and investment, nation-states can and should act now to regulate fossil fuel production decline.”
Jemma De Leon, Communications Strategist, Fossil Fuel Non-Proliferation Treaty
+1 909 536 9714
Christine Mbithi, Africa Communication Specialist, 350Africa.org