New fossil fuel extraction licences will derail Net Zero targets

Right now, fossil fuels are the main source of energy for most of the world's population. Whether that be oil, gas, or coal. Burning these fuels releases carbon dioxide, which was captured from the atmosphere millions of years ago and has been buried in the ground ever since. The result of burning all these fuels, since the industrial revolution skyrocketed demand for energy, has been to increase the level of CO2 and other greenhouse gases in our atmosphere, making it much more effective at retaining head radiating from the Earth's surface.

As a result, we are now facing the catastrophic effects of global warming. Global warming has many negative consequences, such as melting ice caps, rising sea levels, and increasing the ability of the atmosphere to hold water evaporated from the oceans. The result are more frequent extreme weather events, droughts, floods, wildfires, and loss of biodiversity.

The only way to avoid these catastrophic effects is to stop using fossil fuels and switch to renewable sources of energy, such as solar, wind, hydro, and geothermal. Renewable energy is clean, abundant, and sustainable. It does not emit greenhouse gases or pollute the air and water. It also creates jobs, boosts the economy, and reduces our dependence on foreign oil.

Whilst there are emissions to consider from establishing these renewable sources, the payback period - the time before the overall emissions begin to reduce - is short and the returns high enough to make that initial investment acceptable.

We need to leave fossil fuels in the ground. That doesn't mean shutting down oil wells, gas refineries and coal mines tomorrow, next week or even next year. These will continue to be required as the world transitions to renewable energy sources and new methods of managing the discrepancy between supply and demand. 

What we don't need is to be searching out and exploiting new reserves of fossil fuels. The reserves we currently have being exploited today contain, for example, enough oil to meet current demand for the next 45 years. As renewables become more prevalent, demand for fossil fuels will reduce and that same reserve will meet demand for an even longer period.

The transition from fossil fuels to renewable energy is not easy or cheap but it is achievable. Allowing new fossil fuel extraction projects to be undertaken threatens to undermine the process and ensure that demand for them is extended beyond the point where none should exist if we want to address climate change.