Net carbon zero by 2050 “unrealistic"

The South African government is forging ahead with its plans to develop and exploit the country’s oil and gas prospects, which have changed dramatically in recent years. In 2019 Total announced a gigantic gas find, the Brulpadda offshore exploration block, and a 2020 find in the adjacent Luiperd block increased the potential gas output off Mossel Bay, which is now considered one of the most exciting areas for gas exploration in the world. At the same time on-shore helium and natural gas producer Renergen has reported "spectacular" finds in the Free State. However, in its new road map for achieving net-zero global carbon emissions by 2050, the IEA laid out in stark terms what the planet must do to avoid harmful climate change which includes no new oil, gas and coal investments beyond 2021 — and just how far that is from our current reality here in South Africa ss Cop 26 in Glasgow rapidly approaches. The Upstream Petroleum Resources Development Bill was recently approved by Cabinet and will soon be tabled in Parliament. Michael Avery spoke to DDG responsible for Policy, Global relations and investment promotion, Ntokozo Ngcwabe; Stefano Marani CEO Renergen; Nick Mitchell, Chairman of the Onshore Petroleum Association of South Africa; Peter Attard Montalto, head of Capital Markets Research at Intellidex; about balancing the country’s net carbon zero by 2050 commitments with economic potential of the recent oil and gas finds off South Africa’s coastline.