OPEC Says Climate Effort Won't Quench Oil Thirst
Rukhshan Mir (@rukhshanmir) Published November 08, 2016 | 08:55 PM
PARIS, Nov 8 (UrduPoint / Pakistan Point News - 08th Nov, 2016 ) : A global pact to battle global warming entered into force last week, but the latest long-term look into the energy market by the OPEC oil cartel sees climate change measures failing to quench the world's thirst for crude.
Each year OPEC releases a report that looks at how the energy market will evolve in the coming two decades, and Tuesday's report slashed estimates of coal and gas use due to efforts to limit climate change, but left oil unscathed.
The report comes as nations reassemble to discuss how to make good on their promises to cut planet-warming greenhouse gases following the entry into force last Friday of a worldwide pact to battle global warming.
Dubbed the Paris Agreement, it is the first-ever deal binding all the world's nations, rich and poor, to a commitment to cap global warming caused mainly by the burning of coal, oil and gas. The long-term base scenario for the evolution of the energy market in OPEC's report takes into account greater measures to limit climate change, but not full implementation of pledges made by countries.
In this scenario, greatest impact will be on the use of coal and then later gas, used particularly in electricity generation, which OPEC said "is not surprising given that policymakers are increasingly engaged in climate change mitigation initiatives".
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
3 hours ago -
US stocks rebound on tech earnings, London hits new record
3 hours ago -
US approves gene therapy treatment for hemophilia
3 hours ago -
KATI president for inclusion of agri sector in tax net
3 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
4 hours ago -
Police to take every step for security of business community: IGP
4 hours ago
-
WB director, Planning minister discuss reforms in development projects
5 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
6 hours ago -
FBR’s data protection efforts commended by OECD assessment team
6 hours ago -
US stocks rebound on tech earnings, London hits new record
7 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
7 hours ago -
SBP to announce monetary policy on April 29
7 hours ago