The fossil fuel industry is relying on a faulty calculation

In 2021, climate change caused devastating damages to humanity and the planet. Millions were left homeless, thousands lost their lives due to wildfires, floods, and heatwaves. Faced with this urgent situation, we need to take immediate action to reduce greenhouse gas emissions, the primary cause of climate change. However, the fossil fuel industry, the origin of over 80% of global greenhouse gas emissions, continues to operate based on a flawed assumption: that we can consume fossil fuels without consequences.

86% of greenhouse gas emissions come from three main fuel sources: oil, gas, and coal (Image: TED Talk)

Oil and gas in current projects are enough to raise the Earth's temperature by more than 1.5 degrees Celsius. 

According to scientists, to limit the Earth's temperature increase to below 1.5 degrees Celsius, the minimum temperature rise to avoid serious consequences, we need to reduce greenhouse gas emissions by 45% by 2030 and achieve net-zero emissions by 2050. This requires reducing the demand and supply of fossil fuels, transitioning to renewable and efficient energy sources, and implementing carbon capture and storage measures. However, the fossil fuel industry is doing the opposite: enhancing extraction, production, and consumption of fossil fuels while receiving favor and support from governments and major financial institutions.

According to the U.S. Department of Energy, the fossil fuel industry emitted approximately 36.2 billion tons of CO2 in 2020, accounting for 86% of the total global greenhouse gas emissions. If the current trend continues, this industry will produce 120% more fossil fuels than necessary to keep the temperature rise below 1.5 degrees Celsius by 2030. Even if we stop coal mining today, the oil and gas in current projects are sufficient to raise the Earth's temperature by more than 1.5 degrees Celsius.

Oil and gas in current projects are enough to raise the Earth's temperature by more than 1.5 degrees Celsius (Image: TED Talk). 

Contradiction between reducing emissions and increasing fossil fuel production.

The fossil fuel industry is based on a flawed assumption: that we can reduce the demand for fossil fuels by implementing climate change policies and agreements while maintaining the supply of fossil fuels using unproven and new technologies. The industry has shifted from climate change denial to an illusion: that we can burn fossil fuels without harming the climate. The industry has used its power and influence to persuade governments and major financial organizations to license and fund new fossil fuel extraction projects, while we are talking about transitioning to clean energy. This is not a transition but self-destruction.

120% more fossil fuels are produced than necessary to keep the temperature rise below 1.5 degrees Celsius by 2030 (Image: TED Talk)

The main cause of this situation is that governments only control their country's emissions but not the production of fossil energy. This creates a contradiction between reducing emissions and increasing fossil fuel production. Governments are also under pressure from the fossil fuel industry, which denies, distorts information, greenwashes, and optimistically promotes technology to protect its interests.

Agreement to Phases Out Fossil Fuels.

To address this dire problem, there needs to be a rapid and determined transition to clean and renewable energy sources. This requires cooperation and action from governments, businesses, and individuals to cease the extraction, production, and consumption of fossil fuels, while investing in and prioritizing alternative energy solutions. A simple yet effective solution is an agreement to phase out fossil fuels, where countries commit not to explore new fossil fuel reserves, not to build additional related infrastructure, and not to provide additional funding to this industry. According to the International Energy Agency (IEA), transitioning to clean and renewable energy can help reduce global greenhouse gas emissions by 90% by 2050, ensuring energy security, creating millions of jobs, and fostering economic growth.

Conclusion:

The fossil fuel industry is facing an unsolvable problem unless it accepts change and adapts to a future of clean and renewable energy. This is an urgent and critical problem, related to the survival of the planet and humanity. We can no longer wait or hesitate; we must act now.