The oil and gas industry is set to face a “moment of truth” at Cop28, warns International Energy Agency (IEA) executive director Fatih Birol.
The global energy watchdog has released a special report ahead of the climate summit next week stating that producers need to make “profound decisions” about contributing to a worsening climate crisis or making clean energy solutions.
The report highlighted that oil and gas companies contribute to 1% of clean energy investment globally, with 60% of that coming from four companies.
The report advises that to reach the Paris agreement, oil and gas use needs to decline by more than 75% by 2050.
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“The oil and gas industry is facing a moment of truth at Cop28 in Dubai. With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible,” said Birol.
“Oil and gas producers around the world need to make profound decisions about their future place in the global energy sector,” he added.
“The industry needs to commit to genuinely helping the world meet its energy needs and climate goals – which means letting go of the illusion that implausibly large amounts of carbon capture are the solution.”
