The future of oil in a carbon constrained world

Book chapter, 2012

Global climate is changing. This fact is supported by robust scientific evidence, and there is no real doubt that the main reason is the increased concentration of greenhouse gases in the atmosphere caused by human activity, primarily related to the combustion of fossil fuels. Policies to handle the problems that a changing climate will bring about and what to do to limit the change in the climate are among the top issues in contemporary international politics. In connection with this, virtually all nations have ratified the UN Framework Convention on Climate Change (UNFCCC). The overarching aim of the UNFCCC is to avoid dangerous anthropogenic interference with the climate system (UNFCCC, 1992). Based on this the so-called 2ºC target has, at least on paper, widespread political support as a target aimed at avoiding the most serious risks of climate change such as a potential dieback of the Amazon rainforest, melting of the Greenland ice sheet and increased global water stress problems (Fee et al., 2010). However, it is becoming more and more difficult to achieve this target given the difficulties in agreeing on any real international emission reductions.