Oil and gas producers should be spending about half of their annual investment on clean energy projects by 2030 to be aligned with global climate goals, the International Energy Agency has said.
The west’s energy watchdog also warned oil and gas companies that are investing in new carbon capture projects that the technology would be no substitute for cutting emissions and “cannot be used to maintain the status quo”.
Oil and gas producers account for just 1 per cent of global green energy investment and last year committed 2.5 per cent, or $20bn, of their capital to the sector, the IEA said, meaning they would need to execute a massive strategic shift by 2030.
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