The world needs to rapidly accelerate its transition away from coal and other fossil fuels to avoid extreme climate change, according to a report Monday, April 4, by the UN climate science panel.
“In order to meet these targets, you need credible commitments on public policy, private investment, innovation, all happening quickly and then being sustained over several decades,” said John Bistline, a climate expert for the, according to the report. That would mean retiring and replacing fossil fuel power plants and other facilities potentially decades earlier than planned and cancelling new construction.
The pace of the decline in fossil fuel consumption could be somewhat slower if facilities install carbon capture equipment to keep their emissions from reaching the atmosphere, the report said, while also acknowledging that the technology is not yet proven to be commercially viable at scale. “About 30% of oil, 50% of gas, and 80% of coal reserves will remain unburnable if warming is limited to 2 degrees C,” the report said, adding that the loss of wealth from such “stranded assets” could create risks for financial markets.
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