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IEA Calls for Greater Commitment from Oil and Gas Producers Ahead of COP28

Despite projections of peak oil and gas usage by 2030, the International Energy Agency emphasizes the need for more decisive action and a stronger stake in the clean energy economy by the industry.

Overview

  • Fatih Birol, the head of the International Energy Agency (IEA), has called on oil and gas producers to make a stronger commitment to clean energy efforts ahead of the COP28 climate summit in Dubai.
  • The IEA reports that even with projections of oil and gas usage peaking by 2030, more decisive action is needed to decrease demand for both.
  • Currently, clean energy investments stand at about $1.8 trillion globally, with the fossil fuel industry contributing only 1% of the total.
  • The IEA states that climate change goals can be reached if the oil and gas industry makes serious changes and takes a real stake in the clean energy economy.
  • The oil and gas sector is well placed to scale up crucial technologies for clean energy transitions, which could make up some 30% of the energy consumed in 2050.