Briefing - Sky’s Limit Data Update: - Shut Down 60% of Existing
16 August 2023
Here we update the oil and gas reserves and if the world is to hold global warming to 1.5 degrees carbon budget estimates to a baseline of January 1, Celsius (°C), the limit agreed by governments to 2023. [...] The shrinking size of the remaining 1.5°C carbon budget is the key difference maker in the results When you are in a hole, the first step is to stop between the study we published in ERL and this digging. [...] decisions.” This is the scary math that led the world’s leading climate scientists to warn of “a rapidly closing The ERL study found that, as of 2018, developed window of opportunity to secure a liveable and fossil fuel reserves would produce 936 Gt of sustainable future for all” in the latest synthesis cumulative CO2 pollution if fully extracted, 488 Gt report released by the IPCC in March. [...] 1a) This analysis, 1 January 2023 baseline (for oil and gas As a result, there is now an even larger mismatch and carbon budgets) between the oil and gas contained in active fields and the room remaining in the 1.5°C carbon budget: • Committed emissions from developed oil and gas fields alone exceed the remaining 1.5°C budget by 25%. [...] Require a Managed Decline of Fossil Fuel Production, published in 2016, and the peer-reviewed version of that study, "Existing fossil fuel extraction would warm the world What is crystal clear is that the wealthiest countries beyond 1.5 °C," published in 2022 in the journal with the least economic dependence on the fossil Environmental Research Letters.