BREAKING: In a welcome reversal, the @IEA today concluded that “there is no need for investment in new fossil fuel supply” in a net-zero pathway to 2050. This punctures all the fossil fuel expansion plans in shallow corporate net-zero pledges. A brief #InsureOurFuture thread. 
The IEA finds that reducing carbon emissions to net zero calls for “a complete transformation of how we produce, transport and consume energy”. This transformation will create 30 million jobs and result in at least 2 million fewer premature deaths per year from air pollution.
Even if the IEA continues to underestimate the potential of wind and solar and talks up CCS, “net zero means a huge decline in the use of fossil fuels” according to the roadmap, and the demand for coal, oil and gas will fall by 90%, 75% and 55% in the next three decades.
And so the @IEA reaches its stunning conclusion: “Beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway, and no new coal mines or mine extensions are required.”
Insurers such as @Allianz, @AXA, @MunichRe and @Zurich have all committed to a Net-Zero pathway to 2050. Yet all of them are leading insurers of the oil and gas industry, with Zurich and Allianz controlling 10.8% and 8.9% of the global oil and gas insurance market respectively.
With the IEA justification gone, the members of the Net Zero Insurance Alliance must adopt policies that rule out cover for new oil and gas projects in the upstream, midstream and downstream sectors before the Glasgow COP for their commitments to remain credible. #NZIA
Global laggards like @AIGinsurance, @LloydsofLondon and @Tokio Marine, which are still insuring new coal projects, must end their support for the expansion of fossil fuel production without further delay. #InsureOurFuture
You’ll find the new IEA report at bit.ly/3hA6oxd and the full #InsureOurFuture comment at bit.ly/3hxqzvM. For in-depth analysis, check out @PriceOfOil, @EmberClimate, @CarbonBubble and other #EnergyTwitter stalwarts!
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