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Denmark and Costa Rica to build an alliance that want to accelerate the phasing-out of oil & gas

Denmark is the 1st major oil-producing country to take such a big step

Denmark and Costa Rica to build an alliance that want to accelerate the phasing-out of oil & gas

Copenhagen, August 26 - Neftegaz.RU. Denmark and Costa Rica hope to create an alliance of countries willing to set a date to phase out oil & gas production and to stop giving permits for new exploration, Reuters reported on August 25.

According to draft rules set by the Beyond Oil and Gas Alliance (BOGA) that were seen by Reuters:
  • Restricting domestic oil and gas production in line with what is required to live up to the Paris Agreement goals will be the core focus for BOGA
  • The thinking aligns with the IEA's report in May, which stated that no further investment in oil and gas is needed in a scenario where the world achieves net-zero emissions by 2050
The alliance is set to be launched at the UN climate summit in November in Glasgow, but its draft rules could change before then, according to Reuters.

Denmark's parliament voted in December last year to end oil and gas licensing and stop producing hydrocarbons by 2050.
The decision will cost Denmark about $2.1 billion, according to estimates by the energy ministry.

Costa Rica has a goal to become a 100% carbon neutral country by 2050 through its National Decarbonization Plan.
The Costa Rican government says 90.7% of the 2022 targets are underway, while 25% of the objectives set for the initial stage (2018-2022) have already been met.

Source : Neftegaz.RU


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