Oil and Gas Industry Facing Pivotal Choices in Energy Transition Role: IEA

Oil and gas producers must choose between contributing to a deepening climate crisis or becoming part of the solution as industry emissions need to decline by 60% by 2030 to meet the 1.5% limit on global warming according to an IEA report.

• Based on current policy, global demand for oil and gas is expected to peak by 2030 but demand could fall 45% by 2050 from today's levels if governments deliver on their national energy and climate pledges.
• Oil and gas companies currently account for just 1% of clean energy investment of which 60% from just four companies.
• The current $800 billion annual global oil and gas sector investment annually is double the 2030 requirement if a goal to limit global warming to 1.5 degrees Celsius is to be reached. In that scenario no new long-lead-time conventional oil and gas projects are needed and some existing projects would even need to be shut in.
• Some investments in oil and gas will however still be needed to ensure security of energy supply and provide fuel for sectors where emissions are harder to abate.