Principles for just and equitable oil and gas phase out

The briefing argues that current oil and gas production trajectories are incompatible with the Paris Agreement, with projected production by 2050 potentially exceeding 1.5°C-aligned needs by 260% for oil and 210% for gas. It advocates for a coordinated global phase-out led by the G7 and G20, emphasizing that new extraction projects must cease immediately. The author highlights the necessity of climate finance, noting a gap between current annual climate finance (USD 1.3 trillion) and the required green transition investment for emerging and developing economies (USD 2.4 trillion). To ensure equity, the document suggests assessing transition capacity based on GDP per capita, government revenue shares from fossil fuels, and workforce employment in the sector, while calling for the phase-out of fossil fuel subsidies and the implementation of innovative funding, such as taxes on fossil fuel company revenues.

• Current oil and gas production projections are significantly higher than what is required to limit global warming to 1.5°C; by 2050, production is set to be 260% and 210% above required levels for oil and gas, respectively.
• Existing fossil fuel infrastructure is already sufficient to meet demand under 1.5°C scenarios, meaning any new extraction projects would jeopardize the Paris Agreement's temperature goals.
• Countries that continue to maximize oil and gas extraction risk significant economic losses, with stranded assets estimated at USD 1.4 trillion under a 2°C warming scenario.
• There is a substantial financing gap for the energy transition: annual green transition investment needs for emerging and developing economies (excluding China) are USD 2.4 trillion, while current global climate finance is estimated at USD 1.3 trillion.
• The G7 and G20 are identified as the primary forums to lead the phase-out by ending new project licensing, setting sector-specific end dates, and phasing out fossil fuel subsidies.

APA

Team, Z. (2024). Principles for just and equitable oil and gas phase out. Zero Carbon Analytics. https://zerocarbon-analytics.org/insights/briefings/principles-for-just-and-equitable-oil-and-gas-phase-out/

Chicago

Team, ZCA. Principles for just and equitable oil and gas phase out. Zero Carbon Analytics, 2024. https://zerocarbon-analytics.org/insights/briefings/principles-for-just-and-equitable-oil-and-gas-phase-out/.

Wikipedia

{{cite report |last1=Team |first1=ZCA |title=Principles for just and equitable oil and gas phase out |publisher=Zero Carbon Analytics |date=7 June 2024 |url=https://zerocarbon-analytics.org/insights/briefings/principles-for-just-and-equitable-oil-and-gas-phase-out/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{team2024principles, author = {Team, ZCA}, title = {{Principles for just and equitable oil and gas phase out}}, institution = {Zero Carbon Analytics}, year = {2024}, month = jun, url = {https://zerocarbon-analytics.org/insights/briefings/principles-for-just-and-equitable-oil-and-gas-phase-out/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }