Quote:
Originally Posted by accord1999
Because the IEA is telling the world to stop finding new oil, natural gas and coal. And the two are association countries of the IEA, and represent a huge chunk of future energy demand growth.
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The IEA simply told the world that in any 1.5°C scenario, which requires net zero by 2050, there's no good return on investment on new extraction projects going forward. What the world does with the modeling is up to individual countries and investors.
If India and China don't intend to tackle climate change, maybe they should pony up for the new extraction projects that they think will be needed, over and above the IEA forecast. But for non-state actors, it's certainly great modeling to consider whether oil and gas projects with a 20-30 yr horizon will have the returns they desire.
Funny, nobody in oil and gas sector had any issues with IEA forecasts before. But one report that actually acknowledges how renewables and electrification are actually progressing and where it might go and we get hysteria on par with high school teen girls catching their boyfriends with a rival.
But I do hear
it's getting hard to get insurance for these projects and insurance companies to invest in these projects. I wonder what the IEA modeling will do to that tend. This is starting to look a lot like the spiraling down of network effects that Rethink X was describing.
ps. Somebody should tell the CPC to stop being hostile to China. Clearly, we will need to be their bitch to sell them our oil in the future of plenty coming up.