IEA: Idea that we have reached “Peak Oil” incorrect
A new International Energy Agency report states that the idea of “peak oil” (that the world is essentially running out of oi supplies) is false. The IEA claims that, there are in fact plenty of fossil fuels reserves remaining in the Earth but that only one-third of them can be burned if we are to have any hope of arresting catastrophic climatic change.
As Damian Carrington writes in The Guardian:
But the truly global implications of the International Energy Agency’s flagship report for 2012 lie elsewhere, in the quietly devastating statement that no more than one-third of already proven reserves of fossil fuels can be burned by 2050 if the world is to prevent global warming exceeding the danger point of 2C. This means nothing less than leaving most of the world’s coal, oil and gas in the ground or facing a destabilised climate, with its supercharged heatwaves, floods and storms…We do not have too little fossil fuel, we have far too much.