IEA calls for an end to new oil extraction from 2021 in climate plan

The fossil energy industry must begin to wind down operations immediately, and the wind and solar build-out must rapidly accelerate, shows the IEA's new roadmap toward climate neutrality – and the goal can still be reached, the agency says.

IEA urges promptly bidding oil as an energy source adieu. | Photo: FREDERIC J. BROWN/AFP / AFP

Investments in fossil energy extraction and new coal-fired power plants must cease immediately for the world to achieve its objective of becoming net climate neutral from 2050, concludes a new study from the International Energy Agency in its first comprehensive report mapping the practical consequences and necessary steps for the world to reach the mid-century goal.

Beyond promptly halting the establishment of new oil production and coal-fired power generation, sales of internal combustion engine vehicles must stop by 2035 at the latest, while the electricity sector must be net CO2-neutral from 2040.

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