The Sky’s Limit is a new study by Oil Change International which reveals the need to stop all new fossil fuel infrastructure and industry expansion. It focuses on the potential carbon emissions from developed reserves – where the wells are already drilled, the pits dug, and the pipelines, processing facilities, railways, and export terminals constructed.
Key findings are:
- 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.
- No new fossil fuel extraction or transportation infrastructure should be built, and governments should grant no new permits for them.
- Some fields and mines – primarily in rich countries – should be closed before fully exploiting their resources, and financial support should be provided for non-carbon development in poorer countries.
- This does not mean stopping the use of all fossil fuels overnight. Governments and companies should conduct a managed decline of the fossil fuel industry and ensure a just transition for the workers and communities that depend on it.