"Using all fossil fuels will breach the global carbon dioxide budget: In 2010, governments confirmed in the Cancun Agreement that emissions should be reduced to avoid a rise in global average temperature of more than 2°C above pre-industrial levels, with the possibility of revising this down to 1.5°C. The modeling used in previous analyses by Carbon Tracker and the IEA showed that the carbon budget for a 2°C scenario would be around 565 – 886 billion tonnes (Gt) of carbon dioxide (CO2) to 2050. This outcome assumes that non-CO2 greenhuse gas emissions (e.g. methane and nitrous oxide) remain high. This budget, however, is only a fraction of the carbon embedded in the world’s indicated fossil fuel reserves, which amount to 2,860GtCO2. A precautionary approach means only 20% of total fossil fuel reserves can be burnt to 2050. As a result the global economy already faces the prospect of assets becoming stranded, with the problem only likely to get worse if current investment trends continue - in effect, a carbon bubble."
Posted on: Wed, 10 Jul 2013 20:49:35 +0000
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