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 Investing in new fossil fuels is ‘ethical and financial insanity’ – UN chief
May 2, 2021

Investing in new fossil fuels is ‘ethical and financial insanity’ – UN chief

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Investing in new fossil gas manufacturing and energy crops is “ethical and financial insanity”, UN Secretary-Common Antonio Guterres has warned.

He was talking because the Intergovernmental Panel on Local weather Change (IPCC) launched a significant new report warning that the world is heading for temperature rises twice as excessive because the 1.5C seen as the brink past which the worst impacts of world warming might be felt.

The report from the UN science physique referred to as for substantial reductions in the usage of fossil fuels, as a part of efforts to ship deep, fast and quick greenhouse gasoline emissions cuts, with a change to more and more low-cost renewables, electrical automobiles and power effectivity.

It warned that sustaining fossil gas power techniques might grow to be costlier than low-carbon options, and that 1-4 trillion US {dollars} of coal, oil and gasoline property might grow to be “stranded” within the subsequent few many years because the world tackles the local weather disaster.

Mr Guterres’ feedback come because the world wrestles with excessive power and meals costs and provide points within the face of Russia’s struggle on Ukraine.

However he warned that rising fossil gas manufacturing would solely make issues worse and referred to as for a shift to renewables to fix the “damaged world power combine”, and an finish to coal-fired energy and fossil gas subsidies.

The UN report comes forward of the delayed launch of the Authorities’s its power technique which goals to set out how the UK will safe provides and scale back reliance on imported oil and gasoline.

Downing Road has stated home oil and gasoline will play an essential function within the technique, due on Thursday, after minister Jacob Rees-Mogg stated “each final drop” of oil needs to be extracted from the North Sea, and there have been requires a rethink on fracking, which is at present banned.

However campaigners warn that the invasion of Ukraine and Russia’s management of European gasoline use exhibits the folly of world reliance on fossil fuels, that are additionally driving the local weather disaster.

Mr Guterres warned that local weather pledges made by governments are “empty” and have put humanity on observe for an unliveable world.

He accused high-emitting international locations and firms of “not simply turning a blind eye – they’re including gas to the flames”.

In a message to mark the publication of the report, he stated: “They’re choking our planet, based mostly on their vested pursuits and historic investments in fossil fuels, when cheaper, renewable options present inexperienced jobs, power safety, and better value stability.”

And he stated: “Local weather activists are generally depicted as harmful radicals, however the actually harmful radicals are the international locations which are rising the manufacturing of fossil fuels.

“Investing in new fossil fuels infrastructure is ethical and financial insanity.”

Responding to the report, Greenpeace UK’s chief scientist, Dr Doug Parr, stated fossil fuels are driving the local weather disaster, funding Russia’s struggle and different conflicts, and “clobbering UK households with rocketing payments”.

“This IPCC report is evident on what the answer is: reduce meat consumption, reduce power waste, dramatically reduce fossil gas use, and turbocharge homegrown renewables and clear transport.

“But Boris Johnson’s new methods on power and meals are on a collision course with this recommendation.

“The Authorities power plan is about to double down on fossil fuels, guess closely on costly and slow-to-build nuclear, and ignore our energy-wasting houses, whereas its meals technique might not even point out meat discount,” he warned.

Fionna Smyth, from Christian Help, stated these most in danger from local weather change have performed least to trigger it and wish main emitters to take “drastic motion”.

“The invasion of Ukraine and Russia’s management of European gasoline utilization has proven the folly of getting a worldwide financial system reliant on fossil fuels.

“A shift in the direction of decentralised, clear and ever cheaper renewables would assist construct a extra peaceable world and in addition sort out the reason for the local weather disaster,” she stated.

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