The energy sector contains a large number of long‐lived and capital‐intensive assets. Urban infrastructure, pipelines, refineries, coal‐fired power plants, heavy industrial facilities, buildings and large hydro power plants can have technical and economic lifetimes of well over 50 years. If today’s energy infrastructure was to be operated until the end of the typical lifetime in a manner similar to the past, we estimate that this would lead to cumulative energy‐related and industrial process CO2 emissions between 2020 and 2050 of just under 650 Gt CO2. This is around 30% more than the remaining total CO2 budget consistent with limiting global warming to 1.5 °C with a 50% probability (see Chapter 2)