The United Nations is urging oil producers to leave 75% of their oil reserves unexploited and focus on more environment-friendly energy to check climate change.
“The fossil fuels we do use must be utilized sparingly and responsibly. Three-quarters of the fossil fuel reserves need to stay in the ground,” states Christiana Figueres in a speech targeting the oil industry.
The UN is trying to woe industry stakeholders to support its endeavor to reduce carbon emissions as Figueres leads 194 nations in coming up with a fresh agreement to check climate change by the end of 2015.
Scientific information released in September indicated that the world has emitted more carbon than consistent with safe global warming since the industrial revolution.
Figueres is expected to address the industry in London today at a convention of the IPIECA, an association of stakeholders in the oil and gas industry that handles environmental and social issues.
She is expected to urge the keeping of cumulative amounts of carbon emissions in the atmosphere within finite levels, according to a portion of her speech as seen by Bloomberg.
The UN climate boss says fossils fuel firms have already registered losses following massive investments in high carbon ventures. She added that oil and gas businesses could end up owning redundant assets when carbon emission caps make their ventures obsolete.
Oil and gas companies have been urged to embrace steps that will reduce methane leaks. They’ve also been advised to negotiate for a practical price on carbon emissions as well as adopt technology for carbon capture and storage (CCS).
Reuters expounds that CCS would make it possible for firms to produce more oil as the technology filters appreciable volumes of carbon components from power plant gas output.
Oil and gas firms claim they’re checking global temperature rise by adopting energy efficient strategies, for instance.
To contact the reporter of the story; Jonathan Millet at firstname.lastname@example.org