Currents - Energy Industry Insights, Volume 5, Issue 22

Welcome to Volume 5, Issue 22 of Currents. With this issue, we will begin publishing on a bi-weekly schedule. We believe publishing every two weeks will give us a better opportunity to focus on hot topics affecting our clients and why those topics are important. Ultimately, this helps ensure the content we deliver to you is as valuable as possible.

IEA’s Net Zero by 2050 Report: Credible Roadmap or Unhinged Advocacy?

"As expected, the IEA 'road-map' elicited widespread media coverage and strong reactions, ranging from gushing support from those convinced of a 'climate emergency' to outright dismissal, as in the case of the Saudi oil minister who called the report a sequel to 'La La Land'”.

Why this is important: While this article’s title goes too far in suggesting that the IEA is engaging in “unhinged advocacy”, there are two major holes in its roadmap to zero emissions. First, if drastically cutting the use of fossil fuels resulted in economic growth and increased employment as the IEA suggests, countries would transition to renewable energy without hesitation. The fact that they are not suggests that a stronger case needs to be made connecting the use of renewables to economic growth and job creation. Second, by focusing on lowering the use of fossil fuels instead of lowering the emissions caused by the use of fossil fuels, the IEA is undercutting the importance of carbon capture technology as a useful solution to climate change.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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