The new report from Oil Change International (Greg Muttitt was the principle author) is a major event. It’s called The Sky’s Limit: Why the Paris climate goals require a managed decline of fossil fuel production and it has garnered quite a bit of praise from the greenie press. (See for example, here, here, here and here.) It deserves the praise, and it also deserves a closer reading.
There are two especially notable comments on the report, Bill McKibben’s Recalculating the Climate Math and George Monbiot’s What Lies Beneath. The first because it very clearly explains why we must immediately stop investing in fossil infrastructure (and it was McKibben who in 2012, with his blockbuster Global Warming’s Terrifying New Math, first drew the political implications of “the carbon budget approach” out into the public discussion). The second because it displays all the virtues of Monbiot’s usual bitter realism, and because it’s marred by a small but instructive overstatement, one to which I will return.
The core argument
In the report’s core, OCI draws out a new and critical implication of the carbon budget approach. 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.” By so doing, OCI is able to harness the vast power of what some wag, somewhere, once called “the first law of holes” — when you’re in one, stop digging.
Here are the report’s headline conclusions:
* The potential carbon emissions from the oil, gas, and coal in the world’s currently operating fields and mines would take us beyond 2°C of warming.
* The reserves in currently operating oil and gas fields alone, even with no coal, would take the world beyond 1.5°C.
* With the necessary decline in production over the coming decades to meet climate goals, clean energy can be scaled up at a corresponding pace, expanding the total number of energy jobs.