Implications of Abundant Gas and Oil for Climate Forcing

Abstract:

Perhaps the most important development in the field of energy over the past decade has been the advent of technologies that enable the production of larger volumes of natural gas and oil at lower cost. The availability of more abundant gas and oil is reshaping the global energy system, with implications for both evolving emissions of CO₂ and other climate forcers. More abundant gas and oil will also transform the character of greenhouse gas emissions mitigation. We review recent findings regarding the impact of abundant gas and oil for climate forcing and the challenge of emissions mitigation. We find strong evidence that, absent policies to limits its penetration against renewable energy, abundant gas has little observable impact on CO₂ emissions, and tends to increase overall climate forcing, though the latter finding is subject to substantial uncertainty. The presence of abundant gas also affects emissions mitigation. There is relatively little literature exploring the implication of expanded gas availability on the difficulty in meeting emissions mitigation goals. However, preliminary results indicate that on global scales abundant gas does not substantially affect the cost of emissions mitigation, even though natural gas could have an expanded role in emissions mitigation scenarios as compared with scenarios in which natural gas is less abundant.