New investments in onshore unconventional oil and gas projects may still be needed even if human-induced global warming is kept to 1.5 degrees C or less, but overall production would need to fall dramatically, the International Energy Agency (IEA) said Tuesday. 

To achieve the 1.5-degree target and reach net zero greenhouse gas (GHG) emissions globally, IEA estimates that fossil fuel demand would need to fall 80% by 2050, researchers said in an update of the Net Zero Roadmap report. The inaugural version of the report was published in 2021. 

The required drop in demand is “sufficiently steep that there is no need for new long lead time upstream oil and gas conventional projects, nor for new coal mines or mine extensions.”

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