The world’s leading energy economist has warned against investing in large new oil and gas developments, which would have little impact on the current energy crisis and soaring fuel prices but spell devastation to the planet.
Fatih Birol, the executive director of the International Energy Agency (IEA), was responding to an investigation in the Guardian that revealed fossil fuel companies were planning huge “carbon bomb” projects that would drive climate catastrophe.
He said countries must seek to replace Russian oil and gas in the near term without damaging their long-term prospects.
“I understand some countries may look at new fossil fuels but they should remember it takes many years to start production,” he said. “[Such projects] are not the solution to our urgent energy security needs and they will lock in fossil fuel use.” [Continue reading…]