Given that fossil
fuel reserves already exceed the global carbon budget, it seems reasonable to start assuming not all of them will be burnt.»
London, 19th April 2013 — Today new research by Carbon Tracker Initiative and the Grantham Research Institute on Climate Change and the Environment at London School of Economics and Political Science reveals that despite fossil
fuel reserves already far exceeding the carbon budget to avoid global warming of more than 2 °C, $ 674 billion was spent last year finding and developing new potentially stranded assets.
That's equivalent to burning just 20 % of the fossil
fuel reserves already on the books of companies and nations that disclose them.
As it becomes increasingly clear that we can't even burn all of the existing fossil
fuels reserves we already have, financial experts are sounding alarm bells about companies sinking vast amounts of money into exploration and recovery of fuels that will eventually become worthless.
Not exact matches
If the immune cells themselves lack glutamine to make the necessary repairs, they will find another source in another place.Since we
already concluded that the body's
reserves of glutamine are found in your muscles, then your muscles will be the first thing being broken down when the immune system is in search of
fuel.
There is a raging battle today about the size of fossil
fuel reserves and resources, with «peakists» claiming that we are
already at or near peak production of both oil and coal because the amounts of economically recoverable
fuels in the ground are more limited than the fossil
fuel industry has admitted.
«Smart investors can
already see that most fossil
fuel reserves are essentially unburnable because of the need to reduce emissions in line with the global agreement by governments to avoid global warming of more than 2 °C.
Bill McKibben says we need to «do the math,» which is to take the known fossil
fuel reserves that oil and gas companies expect to tap and add that to the carbon
already trapped in the atmosphere.
yes, 2,795 is the number of gigatons of carbon
already contained in the proven coal and oil and gas
reserves in the hands of fossil -
fuel companies and petrostates.
This analysis comes on the heels of reports from scientific bodies such as the Intergovernmental Panel on Climate Change and International Energy Agency that suggest the world has far greater
reserves of fossil
fuels already than can be burned while staying within agreed climate limits.
«To truly protect the poor, the World Bank must end all lending for fossil
fuel exploration aimed at expanding carbon
reserves that
already exceed our climate's capacity.
To date, we have added about 1.5 trillion tons of CO2 from fossil
fuel use (this is my recollection from papers by Meinshausen and others), and so by my very rough calculations, coal alone would permit us to contribute much more to atmospheric CO2 than we have
already done, with a warming effect substantially greater than what we have
already observed — and that is without counting oil and gas
reserves.
It does so by going beyond the now classic Carbon Tracker analysis (the foundation of McKibben's 2012 article), updating it by focusing not on the entire body of fossil -
fuel reserves, but on the smaller set (roughly 30 % of the «proven»
reserves) of
reserves that have
already been «developed» — the «oil fields, gas fields, and coal mines that are
already in operation or under construction.»
As Bill McKibben pointed out in his Rolling Stone article, the global fossil
fuel reserves that are
already on the corporate books, for which the development capital has largely been sunk, greatly exceed, by a factor of five, what we can safely burn to be assured of keeping warming below two degrees Celsius.
The World Bank Group continues to invest in exploration for new fossil
fuel reserves despite clear signs that we
already have far more fossil
fuels than we can afford to burn, and over the last five years, the World Bank Group's total fossil
fuel finance has trended upwards, with finance into the billions of dollars nearly every year.