The United Nations Environment Programme and partner organizations determined in a recent report “the world’s nations are on track to produce more than twice as much coal, oil, and gas as can be burned in 2030.” The British Petroleum (BP) Statistical Review of World Energy 2019 states that “Total global proved reserves of oil—that is the volumes that can be recovered from known reservoirs under existing economic and operating condition—stood at 1.730 trillion barrels at the end of 2018.”
Peak oil projections have been proven false and consumption is growing according to the International Energy Agency’s (IEA) latest projections. Moreover, America’s CO2 emissions rose in 2018 by 2.7 percent for the first time over increased economic growth since 2014, according to the Energy Information Administration (EIA). The uptick came from “higher natural gas-related emissions, but coal emissions fell by 4 percent.”
Increased U.S. renewable usage from sun and wind farms aided emission growth since solar panels and wind turbines are intermittent energy to electricity sources that need continual fossil fuel backup from coal and natural gas-fired power plants.
Fossil fuel production will outpace Paris Climate Agreement (PCA) reductions that target to keep temperature increases under 1.5 degrees Celsius or at 2 degrees Celsius, which are pre-industrial levels. Growing prosperity in China, India, Africa, and the United States will fuel production gains and override PCA agreement accords.