Activists hold a ‘keep it in the ground’ banner on the Cliffs of Moher in Ireland. Photo by Eamon Ryan / 350.org.
Chris Stark, the chief executive of the U.K. Committee on Climate Change, speaks at the British High Commission on Feb. 25, 2019. Photo by Andrew Meade
Fossil fuel reserves must stay in the ground and be priced differently in the markets, if the world is to meet the challenge of the Paris climate agreement, says the head of Britain’s climate watchdog.
Chris Stark, the chief executive of the Committee on Climate Change, which advises the government of the United Kingdom on reducing emissions and adapting to global warming, told National Observer that while fossil fuels will still have to be used for decades, “that has to be accompanied by a strategy to take us off them in the future.”
“Politicians have to be grown-up about it too,” @ChiefExecCCC told @OttawaCarl . “Being grown up is about taking big decisions at the right moment, being supported of course by the economics and the evidence.”
“Put bluntly, if we are to meet the emissions targets that are implied by the Paris agreement, then we know already that we have too many fossil fuel reserves out there,” Stark said Monday in an interview at the British High Commission in Ottawa.
If we don’t meet those targets, he said it indicates a problem since there hasn’t been sufficient investments that would allow us to adapt to a changing climate. He also said that the current market needs to assess all the risks and impacts of fossil fuels and incorporate these factors into the price that we pay for these energy sources.
“The idea of disclosing those risks more explicitly to the market is going to be a really important driver of getting the investment patterns right in the future,” he said. MORE