World has no capacity to absorb new fossil fuel plants, warns IEA

Watchdog says new projects must be low carbon or existing plants must be cleaned up

The world has so many existing fossil fuel projects that it cannot afford to build any more polluting infrastructure without busting international climate change goals, the global energy watchdog has warned.

The International Energy Agency said almost all of the world's carbon budget up to 2040 - the amount that can be emitted without causing dangerous warming - would be eaten up by today's power stations, vehicles and industrial facilities.