Mark Fulton, Senior Research Advisor to Carbon Tracker, presents the key high level findings of the report launched on 25th November in London:
Highlights:
$2.2 trillion of capex through 2025 associated with unneeded fossil fuel supply, which through 2035 equates to 156 GtCO2 of emissions
No new thermal coal mines needed through 2035
1/3rd of potential oil supply from new projects is unneeded
1/4th of potential gas supply from new projects is unneeded
90% of unneeded fossil fuel capex tied to oil and gas
Risks to private-sector oil and gas, with listed and partly-listed companies owning 2/3rds of capex and carbon associated with unneeded oil and gas production
“High-cost carbon traps” that include Canadian oil sands, Arctic oil and gas (US, Russia, Canada), deep/ultra-deep water oil and gas (e.g. Mexico and Brazil) and LNG projects (e.g. Qatar, Australia, and Indonesia)
High state ownership of unneeded thermal coal supply, in India and China. Listed exposure to US and seaborne
