Released ahead of the COP28 climate summit in Dubai, a report from the International Energy Agency (IEA) emphasised the need for oil and gas companies to let go of the “illusion” that carbon capture technology is a solution to climate change and invest more in clean energy.
“The Oil and Gas Industry in Net Zero Transitions” report outlines a responsible pathway for the industry to positively contribute to the evolving energy landscape.
Amid current policy settings, the latest IEA projections indicate that global demand for oil and gas will likely peak by 2030, with even sharper declines anticipated should stronger measures to combat climate change be adopted.
The report reveals that meeting the targets of the Paris Agreement requires a significant shift, with oil and gas use projected to decrease by over 75% by 2050 in a trajectory towards Net Zero emissions.
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