The world needs a 43% cut in global emissions in the next 7 years - that and more from the IPCC 2022 report.

According to the Intergovernmental Panel on Climate Change (IPCC), the window for stopping global temperatures from going over 1.5C above pre-industrial levels is closing. Although 1.5C seems small, it'll threaten 20-30% of plant and animal species worldwide.

Global emissions must peak by 2025, then drop by 43% before 2030 to meet the reduction goals.

That means that by 2050, we've got to reduce the consumption of:

• 95% of coal;
• 60% of oil;
• 45% of gas;

To do that, fossil fuel well, power station and refinery lifespans need to be shortened. One way to stop leaking, old, abandoned oil wells is by retrofitting high-producing wells with installations that capture warming gases like methane.

Even after decades of promises, businesses and governments still haven't developed carbon capture and storage technology. However, despite the challenges, the report points to some encouraging developments like 85% drop in solar energy prices and a 100x increase in electric vehicle sales.

“Methane is a potent greenhouse gas with a global warming potential 25-80 times that of CO2. Oil and gas operations account for 26% of global methane emissions. By closing down all low producing and orphaned oil wells in the US, that’s almost 3 million wells, we could reduce global warming by 5%”

Tyler Crabtree, CarbonPath CEO

Download the full report here.