A new study from Manchester University finds that rich countries will have to completely phase out oil and gas production by 2034 if there’s any chance to limit global warming to 1.5 degrees Celsius. The world’s poorest countries would have until 2050, Mexico and China fall somewhere between the date range.

Analysis of wealth by nation and its economic dependency on fossil fuels led to findings that poorer countries will be crippled both economically and politically by phase-outs. In comparison, wealthier countries would remain relatively prosperous. The study also called for a rapid global end to coal, with rich countries halting use by 2030 and the rest of the world by 2040.

Commenting on the report, Saber Chowdhury of the Bangladesh Parliament and Honorary President of the Inter-Parliamentary Union stated, "The science is conclusive -- fossil fuels need to be phased out now and a fossil fuel-free future world realized soon. Wealthy nations have the means to transition fastest and have a moral duty to do this.”

Why This Matters

To reach the Paris Agreement’s 1.5-degree limit, an immediate end to fossil fuel dependency is necessary. Still, the move to green energy remains slow, and greenhouse gas emissions remain high, especially in wealthy countries. Oil and gas are the most consumed energy sources in the US. Without significant policy changes, the International Energy Agency predicts the US will continue producing record amounts of oil and gas.

In 2021, carbon emissions hit their highest levels in the last 4.5 million years. In February, the IEA released a report finding methane emissions to be regularly under-estimated and under-tracked with a discrepancy of 70% between the IEA’s estimates and official numbers.

Corporate Emissions

Cutting GHG emissions is necessary at a national and global level and in the private sector. A recent study found that companies aren’t acting on their climate pledges, citing that "the overwhelming majority" don't have ambitious enough pledges and aren't taking steps to reduce their emissions to hit net-zero targets. The study ranked companies based on: emissions disclosures, emissions reduction targets, and actual reductions. Only three companies (Microsoft, PepsiCo, and Ecolab) received an A grade.