Cheap oil and climate ambition both down the pan, says International Energy Agency, kinda

NORMALLY first thing in the morning, a mug of coffee is never more than an arm’s reach away and there’s never a chance of that first serving of caffeine going undrunk.

Nasty habit I know, but I’m sticking to it. In fact, so entrenched is my morning coffee habit, that it would take an earthquake, a major explosion in the kitchen or the sudden realisation that I’m missing a limb, to distract me enough from its drinking.

Today though, you can add to that list, the publication of the International Energy Agency’s World Energy Outlook 2010 which has left my double espresso unloved and un-consumed. This morning, the IEA has declared that “the age of cheap oil is over” and that current commitments by world leaders won’t be anywhere near enough to limit global warming to 2C.

The IEA, for anyone that doesn’t know, is the organisation which provides advice to the world’s major economies on the future of energy sources including oil, gas, coal and renewables. They tell the world how much there is, how much it’s going to cost and what might happen in the future to prices and availability. In recent years, they’ve also started to consider the impact that different scenarios will have on attempts to limit emissions of greenhouse gases. However, there have been some suggestions that they’ve been cooking the books a bit, to make the outlook for oil sound better than it really is.

This year the agency has looked at the future through the carbon-tinted spectacles of its “New Policies Scenario” which “takes account of the broad policy commitments and plans that have been announced by countries around the world”.

So these are the things which governments have said they’ll do, or that they would like to do, but not necessarily things they’ve managed to get onto the statute books. So how’s that looking then? Continue reading “Cheap oil and climate ambition both down the pan, says International Energy Agency, kinda”

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