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Net zero means no new oil and gas fields, warns IEA

Net zero means no new oil and gas fields, warns IEA International Energy Agency calls for abrupt halt to fossil fuel era and warns demand must fall by 75pc to meet climate change goals 18 May 2021 • 6:00am The age of oil and gas exploration is already over and no new fields will need to be developed if the world succeeds in bringing global warming under control, the International Energy Agency has said. In a landmark report on the path to net zero carbon emissions by 2050, the organisation (IEA) says that oil demand will need to drop by 75pc over the next three decades - rendering the need to exploit new reserves obsolete. No further coal mines will be needed either.

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