> The IEA projects an oversupply in oil and LNG in the second half of the 2020s – well above what would be needed even for current policies, which assumes we take no further action on climate and has us heading towards 2.4-2.7°C global warming. This massive overdevelopment has been forecast for several years and exceeds levels consistent with 1.5°C.
> This glut in oil and LNG will likely lead to increased competition for market share among suppliers, and in our view, carries the risk of LNG in particular crowding out renewable energy development in different parts of the world, notably in Asia, creating fossil fuel lock in.
There has to be a focus on reducing supply as well as reducing demand.
1 Comment
Particularly important is this, in my view:
> The IEA projects an oversupply in oil and LNG in the second half of the 2020s – well above what would be needed even for current policies, which assumes we take no further action on climate and has us heading towards 2.4-2.7°C global warming. This massive overdevelopment has been forecast for several years and exceeds levels consistent with 1.5°C.
> This glut in oil and LNG will likely lead to increased competition for market share among suppliers, and in our view, carries the risk of LNG in particular crowding out renewable energy development in different parts of the world, notably in Asia, creating fossil fuel lock in.
There has to be a focus on reducing supply as well as reducing demand.