“Ethical Markets fully supports the global initiative for the Fossil Fuel Non-Proliferation Treaty. This report “FOSSIL FUEL EXIT STRATEGY” buttresses this important initiative with the necessary background data and scenarios illustrating the feasibility of this orderly wind-down of coal, oil and gas to meet the Paris Agreement.
The research for this report was conducted by the Institute for Sustainable Futures at the University of Technology, Sydney, Australia, at which I was honored to give an invited lecture over 20 years ago! Our own research in our annual Green Transition Scoreboard® from 2009 until 2020 further confirms the results of this newest report.
FOSSIL FUEL EXIT STRATEGY, confirming that this exit strategy, while requiring further scaling up of solar, wind, energy efficiency and electrification, does not require BECCS or DAC, or nuclear power, but does require policy changes, and shifting financial assets from stranded fossil reserves to renewables and all the opportunities obscured by faulty, obsolete economics and models. We congratulation all the researchers involved in this report, and we will be promoting it widely.
~Hazel Henderson, Editor“
The new analysis finds winding down fossil fuels is non-negotiable to limit warming below 1.5°C and existing renewables technology has enough potential to power the world 50 times over, going one step further than conclusions from IEA’s 1.5°C aligned scenario.