80 percent of current coal reserves, 50 percent of gas reserves and 33 percent of oil reserves should remain in the ground by 2050 to avoid the 2°C target established by the Intergovernmental Panel on Climate Change and used as a benchmark by policy makers, according to a new estimate.
So much for that Peak Oil of 1992. We need to worry about Oil Glut instead.
The paper identifies the geographic location of existing reserves that should remain unused - it's no secret that is China, Russia and the United States, along with 260 billion barrels oil reserves in the Middle East. The Middle East should also leave over 60% of its gas reserves in the ground.