Report: Investment in Fossil Fuels Must Stop Immediately To Reach Zero Emissions By 2050

A new report is claiming to get to zero emissions by 2050 is only possible if no more investments are made in fossil fuel projects.

The International Energy Agency released the report Net-Zero by 2050: a Roadmap for the Global Energy Sector on Tuesday which highlights everything needed to limit the rise of global temperatures.

This includes no new oil and natural gas fields, no more sales of new internal combustion engine passenger cars by 2035, and having the global electricity sector reach zero emissions by 2040.

“The clean energy transition is for and about people,” said Fatih Birol, Executive Director of the IEA.

“The pathway laid out in our Roadmap is global in scope, but each country will need to design its own strategy, taking into account its own specific circumstances.”

The report claims pledges made by different countries, including Canada’s, will fall well short of what’s needed to get rid of all emissions even if fully achieved.

The federal government has brought in different initiatives to reduce emissions. This includes the carbon tax which is slated to rise to $170 per tonne by 2030.

The government of Alberta has introduced its own program aimed at cutting emissions.

As for oil companies, multiple have seen drops in their levels.

Suncor has also invested in a project which could cut emissions to nearly zero, while Candian Natural Resources Limited is working towards launching new technology which is expected to reduce emissions by up to 500,000 tonnes per year.

More from 100.5 Cruz FM