Industry spent more than $600 billion on new exploration and production in 2012 

By Stephen Leahy

UXBRIDGE, Canada, Nov 15 2012 (IPS)

Two-thirds of the world’s proven fossil fuel reserves cannot be used without risking dangerous climate change, the International Energy Agency (IEA) warned this week.

Preventing the consumption of those two-thirds will be the primary task of the annual U.N. climate negotiations that resume at the end of this month.

Late Wednesday, U.S. President Barack Obama surprised many by saying climate change will be a personal mission in his second term.

“The re-election of President Obama guarantees continuity of the U.S. pledge of reducing emissions 17 percent below its carbon emissions in 2005 by 2020,” said Christina Figueres, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC).

“The U.S. is fully aware of the need to increase its ambition in terms of mitigation (emissions reduction) and finance to help developing countries adapt,” Figueres told IPS.

The U.S. emission reduction target is equivalent to a three-percent reduction compared to 1990 levels – a baseline most countries use. Global emissions need to be 25 to 40 percent below 1990 levels in the year 2020 to keep temperatures from rising beyond two degrees C, climate scientists have said.

By contrast, the United Kingdom is already 18 percent below its 1990s level and plans to be 34 percent below in 2020.

In 2010, there was a binding agreement to limit global warming to two degrees C at the U.N. climate conference in Cancun, Mexico, said Andrew Steer, president of the World Resources Institute, a Washington-based NGO.

“We are nowhere near to getting there. The situation is urgent. Climate change is not tomorrow’s problem, it is today’s problem. Superstorm Sandy was a wake-up call to the people of the United States,” Steer said at a press conference. Continue reading →