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Brown bag seminar | Closing wells; fossil exploration and abandonment in the energy transition

Despite ambitious climate goals and already substantial stocks of developed fossil energy reserves, development of new fossil energy reserves continues to be high. In the next SITE brown bag seminar series, researcher Inge van den Bijgaart will discuss and share insights on when the fossil industry will abandon reserves by analysing energy transition, considering fossil exploration and development activities. Join SITE brown bag seminar on February 15 to learn more.

[2022-02-14 UPDATE] -  Due to unforeseen events, Inge van den Bijgaart will not be able to present as scheduled for the online seminar on 15 February. Fortunately, her co-author Mauricio Rodriguez will do the presentation in her stead.

Stockholm Institute of Transition Economics (SITE) cordially invites you to join the online brown bag seminar with Inge van den Bijgaart presenting a paper titled`Closing wells; fossil exploration and abandonment in the energy transition´.

Closing wells; fossil exploration and abandonment in the energy transition

Co-author: Mauricio Rodriguez >>

Abstract

Despite ambitious climate goals and already substantial stocks of developed fossil energy reserves, development of new fossil energy reserves continues to be high. This raises concerns, as it reinforces the fossil industry’s opportunities and incentives to continue extraction, and may necessitate abandonment of developed fossil reserves to meet climate targets. In this paper, we analyze the energy transition, considering fossil exploration and development activities. We provide conditions for when the fossil industry will abandon reserves, and establish that continued exploration of fossil resources is not incompatible with abandoning developed reserves. The first-best implementation of a carbon budget always involves reserve abandonment, and thus exploration that pushes developed reserves in excess of the remaining budget. A quantitative assessment reveals that a volume equal to 9-19% of current oil and gas reserves are optimally abandoned, and that, even under a 1.5 ◦C warming target, exploration of new reserves is justified for another decade.

About the speaker

Inge van den Bijgaart, Assistant Professor at the Utrecht University School of Economics.

Inge's primary research interests and expertise lie in the areas of environmental and resource economics and growth. Starting with her PhD research, she has developed a portfolio that spans several overlapping themes. These include climate policy and the energy transition, with a focus on the role of innovation and technological change. Additionally, she has an ongoing research agenda on vehicle markets, and (environmental) policy interventions in these markets.

From Sep 2016-Nov 2021 she was an Assistant Professor at the University of Gothenburg. She obtained her PhD in 2016 at the Tilburg University.

Learn more about Inge van den Bijgaart and her research projects >>

Interested in joining the online seminar?

The link to the seminar will be distrubted by invitation only. If you are interested to attend the seminar - please contact site@hhs.se. Follow the instructions below:

  • Type the subject box with "Brown bag seminar *INSERT SEMINAR TITLE*"
  • Describe in short who you are and why you want to join.

If you have followed the instructions accordingly, we will send you the Zoom-link via email with further instructions.

 

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