Oil powers the cars we drive and the flights we take; it heats many of our homes and offices. It is in things we use every day, and it plays an integral role across industries and economies. Yet it has become very clear that the relentless burning of fossil fuels cannot continue unabated.
The United Nations’ Intergovernmental Panel on Climate Change (IPCC) recently warned that a 2015 pledge by governments to restrict global warming to 2 degrees Celsius above pre-industrial levels will not be enough. It recommended that average temperature rises be capped at 1.5 degrees to avoid irreversible environmental damage.
To achieve the global emissions pledge by 2050 and limit temperature rises to agreed targets, oil demand may need to fall 30%. Our Research team investigated whether the globe’s estimated oil needs for the next few decades could be compatible with such a drop.