No new coal, gas and oil to hit net-zero emissions by 2050

Landmark report from the International Energy Agency also says there should be no new petrol cars sold by 2035.

No new coalmines, oil or gas fields should be opened up if the world is to reach net-zero emissions by 2050, according to a landmark ­report from the International ­Energy Agency.

The roadmap for the global energy sector to reach carbon neutrality by the middle of the century also says there should be no more coal-fired power stations and calls for an end to new petrol cars by 2035.

It said coal-fired power stations should be phased out by 2040 as the electricity sector reaches carbon neutrality before the broader economy, while declaring wealthy nations must adopt more ambitious targets and concrete plans to keep global warming to 1.5C of pre-industrial levels.

The report, Net Zero by 2050: a Roadmap for the Global Energy Sector, said current emissions targets were setting the planet on track for temperature increases of 2.7C by the end of the century.

It called for a $US5 trillion a year investment in green energy technologies that would bolster global GDP growth by 4 per cent and create 30 million jobs by 2030, more than offsetting five million jobs that would be lost in traditional industries.

With the US, Britain and Canada among nations that upgraded their climate change targets last month, IEA executive director Fatih Birol said there was a growing divergence between the rhetoric of some countries and “what is happening in real life”.

“Our numbers show global emissions (this year) will increase substantially,” Dr Birol said.

“We hear a lot of commitments, a lot of pledges, but the numbers (emissions) are going up.”

The report, which the agency hopes will form the basis of international negotiations at a UN climate conference in November, goes further than the Paris Agreement by suggesting a curb on the supply of fossil fuels rather than a focus on policies that would lower the demand for them.

“Beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway, and no new coalmines or mine extensions are required,” the report said.

In a report in 2019, IEA predicted Australian coal exports would increase over the next five years because of a surging demand for coal in India and southeast Asia.

Resources Minister Keith Pitt said stopping coal, gas and oil developments would “further dis­advantage developing nations that are trying to lift themselves out of energy poverty”.

With Australia coming under global pressure to increase its ambition on climate change, a spokesman for Energy Minister Angus Taylor said the IEA was right to “point out the gap between rhetoric and what’s happening in the world”.

“While ambition is important, it is ultimately achievements and outcomes that matter. Australia’s track record is one of delivery and meeting and beating our commitments,” he said.

The IEA report said emissions in the industrial and energy sectors needed to reduce by 40 per cent of 2020 levels by 2030, as well as a 75 per cent reduction in methane emissions from fossil fuel use.

Investor Group on Climate Change director Erwin Jackson said the report puts a “nail in the coffin of the claim that companies and governments should continue to expand the fossil fuel ­industry”.

“Companies and governments need to focus much more on winding down legacy fossil fuels assets and ensuring support for communities heavily exposed to the investible and irreversible transition to zero emissions,” he said.

“The IEA’s report will only increase pressure on companies to show how their business model is consistent with the objectives of the Paris Agreement.”

Minerals Council of Australia chief Tania Constable said the IEA report was “another strong contribution to the global discussion around pathways to net zero … The sector understands there are multiple pathways and technologies to decarbonisation and the sector’s resilience will depend on its ability to adapt to demand patterns as technologies evolve.

“Australia’s mining sector produces some of the highest quality raw materials in the world and will continue to be a premier supply source.”