Cost of Compensation for Unburnable Fuels
| . | Burnable . | Unburnable . | Compensation cost (billion US$) . | ||||
|---|---|---|---|---|---|---|---|
| Volume . | Percentage . | GBOE . | Volume . | Percentage . | GBOE . | ||
| Reserves | |||||||
| Oil (Gbl) | 539 | 42 | 539 | 744 | 58 | 744 | 3,125 |
| Gas (Tm3) | 64 | 41 | 376 | 92 | 59 | 541 | 2,274 |
| Total | 915 | 1,285 | 5,399 | ||||
| Resources | |||||||
| Oil (Gbl) | 783 | 19 | 783 | 3,336 | 81 | 3,336 | 14,011 |
| Gas (Tm3) | 102 | 14 | 599 | 625 | 86 | 3,679 | 15,450 |
| Total | 1,381 | 7,015 | 29,462 | ||||
| . | Burnable . | Unburnable . | Compensation cost (billion US$) . | ||||
|---|---|---|---|---|---|---|---|
| Volume . | Percentage . | GBOE . | Volume . | Percentage . | GBOE . | ||
| Reserves | |||||||
| Oil (Gbl) | 539 | 42 | 539 | 744 | 58 | 744 | 3,125 |
| Gas (Tm3) | 64 | 41 | 376 | 92 | 59 | 541 | 2,274 |
| Total | 915 | 1,285 | 5,399 | ||||
| Resources | |||||||
| Oil (Gbl) | 783 | 19 | 783 | 3,336 | 81 | 3,336 | 14,011 |
| Gas (Tm3) | 102 | 14 | 599 | 625 | 86 | 3,679 | 15,450 |
| Total | 1,381 | 7,015 | 29,462 | ||||
Authors’ elaboration based on Welsby et al. (2021; cf. Laherrère et al. 2022). To estimate the compensation cost, we multiply the compensation value (i.e., US$ 4.20/barrel) for the global oil and gas reserves (as defined by Welsby et al. 2021) in BOE. Conversion factors used from the US Geological Survey: 6,000 cubic feet of gas equals 1 BOE. Coal has been excluded from the calculations because the attempts to phase out coal consumption have so far followed a different (and arguably more effective) path than they have for oil and gas.