OPEC Says Climate Effort Won't Quench Oil Thirst

OPEC says climate effort won't quench oil thirst

PARIS, Nov 8 (Pakistan Point News - APP - 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".