On the drive to net zero emissions, the path will be full of economic casualties
In the quest for net zero carbon dioxide emissions by 2050, the IEA has called for an end to oil exploration
Last week the International Energy Agency laid out a pathway for reaching net zero carbon dioxide emissions by 2050. One feature got a lot of attention: it called for an end to oil exploration and the development of new fields.
Sure, US drillers will complain and big producers like Saudi Arabia and Russia will worry (or ignore the warnings), but it’s the smaller countries, which rely on outside investment to drive their industries, that will suffer the most economic damage if oil companies heed the IEA’s recommendation...