IEA calls the end of oil

The IEA has proclaimed that ceasing the development of new oil and gas fields will be required for the world to achieve net-zero by 2050

The International Energy Agency (an intergovernmental organisation established in a similar way to the OECD, originally to ensure the security of oil supplies) proclaimed that ceasing the development of new oil and gas fields will be required for the world to achieve net-zero by 2050. The ‘Coal to Zero’ concept that Citi, Trafigura and RCF began promoting in London last month seeks to run existing coal mines for profit but commit to closure before 2045, could be a harbinger for the oil industry.

The ground is indeed shifting. The feature image for this insight is a cartoon published by Vanity Fair Magazine in 1861 depicting the demise of the whale blubber industry. Whale blubber, previously used in lighting, was disrupted by the commercialisation of mineral oil in Pennsylvania and gave birth to today’s petroleum industry. It serves as a timely reminder that no industry is immune from disruption – not even the petroleum industry.