Paris climate deal highlights long-term risk for oil and gas
COP21 served as a reminder that the energy paradigm is changing, and fossil fuel producers would be wise to stay ahead of the curve
December's United Nations climate summit surprised even the most ardent environmentalists by producing an accord that binds all nations in an effort to keep global temperature increases to less than 1.5 degrees Celsius above pre-industrial levels. The unexpectedly ambitious goal - nations had been expected to agree an upper limit of two degrees - highlights the long-term vulnerability of fossil fuels in the world's energy supply, and drives a wedge between oil and gas industries, which believe they can fulfil a role well into the second half of the century, and the coal sector, whose medium-term future as a large-scale energy source has already been called into question. Oil and natural gas
Also in this section
10 May 2024
Launch of project powered by geothermal energy in Iceland marks step forward in push to scale up expensive direct-air-capture technology
8 May 2024
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
7 May 2024
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum