RICHMOND, Va. -- Fossil fuel reserves in existing mines and oil fields are enough to exceed the world's entire remaining carbon budget and raise global temperatures above limits set at the 2015 Paris climate summit, according new report from Oil Change International.
David Turnbull, a report contributor with the group, said if the world is serious about avoiding what scientists have called catastrophic climate change, governments need to stop any new development.
"The most rational course of action is to start now to move away from fossil fuels,” Turnbull said, "and to ensure that we're doing it in a way that really helps our economy and doesn't hurt it."
The report's carbon count did not include future "proven reserves" - a big part of energy companies' valuation on Wall Street - only existing wells, mines and refineries.
The study noted that the industry is set to invest some $14 trillion in new extraction and infrastructure over the next 20 years in the U.S., Canada, Australia, India, Russia, Qatar and Iran.
The good news, Turnbull said, is that there's time to transition to clean energy before emissions pass 800 gigatons - the mark set by scientists to keep average global temperatures from rising above two degrees Celsius. He said if the decline in production is properly managed, we can meet energy needs and climate goals.
"Billions upon billions of dollars are spent by governments by way of fossil-fuel subsidies,” Turnbull said. "Those need to be eliminated and put towards programs that can help develop transition programs for fossil-fuel workers to bring them into the clean-energy economy."
If new development is allowed to go forward, he said, assets could end up "stranded" when the reality of climate change finally sinks in for policy makers; which would hurt investors and communities dependent on fossil fuels.
"But there's also a financial aspect of this where it's clear that smart investors are going to move their money away from risky fossil-fuel companies as we move forward,” Turnbull said.
A federal appeals court is scheduled to hear opening arguments Tuesday in a case challenging the Environmental Protection Agency's Clean Power Plan -rules designed to help the U-S meet climate goals set in Paris.
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Colorado is calling on solar energy entrepreneurs to put $156 million in Inflation Reduction Act funding to work accelerating rooftop and community-based solar installations, improving air quality, lowering energy bills and increasing energy independence.
Heidi Leathwood, climate policy analyst for the climate justice nonprofit 350 Colorado, said families living in apartments or those who cannot afford upfront expenses can connect to solar arrays built on top of parking lots and open spaces in other ways.
"If you're not able to put solar on your own rooftop, the community solar program will create large-scale solar gardens that you will be able to hook up to," Leathwood explained.
Solar garden subscribers can get significant discounts on their monthly electric bill. Developers creating the garden make money by selling energy to local utilities. Low-income residents can subscribe for free or at a steep discount. Firms interested in becoming a Solar for All program partner can connect through the Colorado Energy Office's website.
The program also offers low-interest loans and other incentives for income-qualified single and multifamily homes to install solar. Leathwood added the program could fuel lots of new, good-paying jobs.
"To do the solar installation, to help with building the distribution and the transmission, and maintaining these facilities, maintaining the solar panels," Leathwood outlined.
The $156 million should be in Colorado coffers by October. Leathwood pointed out if fully implemented, the program could help more residents contribute to meeting Colorado's goals of producing 100% clean energy by 2040.
"Solar and wind energy are the cheapest way in the long run to reduce greenhouse-gas emissions," Leathwood stressed. "But if businesses, individuals and local governments don't work together to make sure all of that money gets spent, then it won't have the impact that it could have."
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Forecasters are warning New Englanders to prepare for an "above-normal" number of hurricanes this summer.
Hurricane Beryl was already the strongest Atlantic hurricane on record for both June and July and brought damaging floods to the region last week.
Jhordanne Jones, climate scientist for the University Corporation for Atmospheric Research, said a cooling La Niña phase in the Pacific combined with a record warm Atlantic are creating dangerous conditions.
"When you have these very clear signals within the environment, it's clear that we're going to get a highly active hurricane season," Jones pointed out. "We know that from history."
She is referring to the 2020 hurricane season, which generated a record 30 named storms. The National Hurricane Center predicts up to 25 named storms this season, with four to seven major hurricanes by the end of November.
Scientists said most of the global warming attributed to climate change is taking place in the ocean. Sea surface temperatures in the North Atlantic have warmed to record levels since last spring and the Gulf of Maine is considered one of the fastest warming bodies of water on the planet.
Jones noted while hurricanes like Beryl may not take direct hits at New England states, the aftermath can be just as dangerous.
"The most intense storm doesn't always mean the most damage," Jones stressed. "It just needs to be the 'right storm' that dumps a lot of rain right over you and just will not dissipate in time."
Jones added storms can intensify even in unfavorable conditions as long as there is a warm ocean to fuel them and she encouraged people to be prepared.
Remnants of Hurricane Beryl washed away roads last week leaving people stranded in parts of Maine, New Hampshire and Vermont, where two people were killed when their car became submerged in floodwaters.
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Clean air advocates are touting the benefits of electric vehicles in the wake of what they call "disinformation" from the U.S. petroleum industry.
The Environmental Defense Fund's advocacy partner EDF Action and representatives of public health and labor are talking with Pennsylvanians about the advantages of EVs in terms of price, performance and popularity, as well as public health and the environment.
David Kieve, president of EDF Action, said they're trying to arm people with the facts.
"If they're dealt a full set of facts, more and more Pennsylvania drivers will choose to make their next car an electric vehicle," Kieve contended. "It's our job to share those facts with folks, especially because there's so much misleading information out there."
Kieve said the American Petroleum Institute has funded an ad campaign "warning" consumers, without evidence, that the push to convert the U.S. to a "green economy" will force drivers to give up their internal combustion cars. Biden administration officials have called the claim false and misleading.
Kieve noted the cost of owning and operating an EV is decreasing and battery technology is becoming less expensive as well. The range for many EV models has also increased significantly. He added EV manufacturing in the U.S. has outpaced every other world region in recent years.
"More rapidly electrifying the vehicles that we choose to buy will help tremendously in cleaning our air and reducing greenhouse gas emission, which is driving climate change," Kieve argued. "And driving this heat wave we've been experiencing throughout the East Coast."
Edwin Hill, international business development representative for the International Brotherhood of Electrical Workers, said advances in battery technology are driving new sales.
"The batteries in the cars are improving tremendously," Hill emphasized. "They hold much more power, much more energy. And in turn, to charge those to that higher level of energy requires either more time or a higher charging rate."
The U.S. government and auto industry are investing billions of dollars in developing and manufacturing EVs, directly creating almost 200,000 new jobs.
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