BP: World’s remaining oil resources could be kept in the ground over climate fears
The world’s remaining oil resources are unlikely to be fully exploited, due to concerns over climate change, according to BPs chief economist.
Spencer Dale told an audience in London: “Oil is not likely to be exhausted… What has changed in recent years is the growing recognition [of] concerns about carbon emissions and climate change.”
In what the Guardian describes as the first admission from a fossil fuels company that oil and gas deposits need to be kept in the ground to avoid catastrophic climate change, Dale said:
“Existing reserves of fossil fuels – i.e. oil, gas and coal – if used in their entirety would generate somewhere in excess of 2.8trn tonnes of CO2, well in excess of the 1trn tonnes or so the scientific community consider is consistent with limiting the rise in global mean temperatures to no more than 2C.”
The news comes as the International Energy Agency (IEA) warned that the current oil glut, the surplus of oil caused by the low price of crude and high levels of production, is likely to continue through next year.
The IEA said the continued economic slowdown, combined with new oil from sanction-free Iran, meant the glut would persist into 2016.
EU climate chief hails progress, but Gulf states stay away
Europe’s climate change chief has said he is astonished by the progress made on reaching a global deal on limiting CO2 emissions ahead of the UN climate conference in Paris at the end of the year.
Miguel Arias Cañete told BBC News it was “astounding” that 149 countries had submitted their climate plans.
But with just weeks to go before the start of the Paris conference, Climate Home report that 40 countries are yet to submit their plans, including oil producing states Saudi Arabia, Qatar and Iran.
Janos Pasztor, UN secretary general Ban Ki-Moon’s climate adviser, said he would contact climate the relevant governments to chase them for their contributions.
“We will find out what is the problem and what it will take to fix,” he said.
“The secretary general’s office is not responsible to make sure [they are submitted] but we are trying to urge countries to finish the job as soon as possible.”
US regulator yet to decide whether new emissions software in VWs 2016 models is legal
The Environmental Protection Agency (EPA) is yet to decide whether the new software designed to limit emissions in Volkswagen’s 2016 models is legal or not.
This means the models have still not been certified for sale in the US.
VWs top US executive discussed the new technology in testimony to a congressional subcommittee investigating the emissions scandal at the German car company.
But the company has not confirmed whether the technology was developed before or after the scandal engulfed the company last month.
“We have a long list of questions for VW,” said EPA Assistant Administrator Janet McCabe. “When we have all of the answers, we will be able to make a determination” on the whether the device is legal or considered to be a “defeat device” designed to circumvent U.S. emission rules.
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