NewEnergyNews: WHERE TO KEEP FOSSIL FUELS

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    Friday, January 09, 2015

    WHERE TO KEEP FOSSIL FUELS

    Much of world's fossil fuel reserve must stay buried to prevent climate change, study says; New research is first to identify which reserves must not be burned to keep global temperature rise under 2C, including over 90% of US and Australian coal and almost all Canadian tar sands

    Damian Carrington, 7 January 2015 (UK Guardian)

    “Vast amounts of oil in the Middle East, coal in the US, Australia and China and many other fossil fuel reserves will have to be left in the ground to prevent dangerous climate change, according to the first analysis to identify which existing reserves cannot be burned…[T]rillions of dollars of known and extractable coal, oil and gas, including most Canadian tar sands, all Arctic oil and gas and much potential shale gas, cannot be exploited if the global temperature rise is to be kept under the 2C safety limit agreed by the world’s nations. Currently, the world is heading for a catastrophic 5C of warming…"

    “…[According to The geographical distribution of fossil fuels unused when limiting global warming to 2 °C in the journal Nature], using detailed data and well-established economic models, assumed cost effective climate policies would use the cheapest fossil fuels first, with more expensive fuels priced out of a world in which carbon emissions were strictly limited…Major fossil fuel companies face the risk that significant parts of their reserves will become worthless, with Anglo American, BHP Billiton and Exxaro owning huge coal reserves and Lukoil, Exxon Mobil, BP, Gazprom and Chevron owning massive oil and gas reserves…” click here for more

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