That was true before recent developments in exploitation and conversion. Canada had proven oil reserves of 5 billion barrels in 2002, but by 2005 it had proven reserves of 180 billion barrels because the Alberta oil sands became viable. South America now has far more oil than the Middle East - it's oil that wasn't considered economically recoverable until about a decade ago. Over recent years, we have discovered far more oil and gas than we've burned. Coal doesn't have much of a future as an energy source for electricity generation, but it might have a future as a feedstock for synthetic liquid fuels.

We're probably going to leave most of those hydrocarbons in the ground, but only because of the huge progress that has been made in renewable energy technologies. If that progress stalls or there are big breakthroughs in hydrocarbon technology, then there's still a real risk of substantially exceeding 2C. We have reason to be optimistic, but not complacent.