Oil and gas companies need to redirect their capital towards clean energy projects by 2030 to limit global warming, per IEA (In image: Equipment used for a carbon capture program)|PNNL|CC BY NC-SA 2.0
The International Energy Agency (IEA) has issued a stark warning to the oil and gas industry to prioritize clean energy investments over-relying on carbon capture technology to tackle climate change.
The Executive Director of IEA, Faith Birol, emphasized the urgency of redirecting investments towards clean energy rather than banking solely on carbon capture and storage (CCS) technology.
Birol highlighted a stark reality: A mere 1% of the world's clean energy investment is coming from oil and gas companies, a far cry from what's needed to achieve net-zero emissions by 2050.
The IEA report underscored a critical need to allocate at least 50% of capital to clean energy projects by 2030 to stay on track with climate goals.
The agency cautions against excessive dependence on carbon capture, noting its financial requirements. Critics argue if the tech is as effective as it claims and question its scalability.
This advice comes amidst contrasting approaches within the industry; while companies like Exxon Mobil and Chevron are heavily investing in carbon capture and fossil fuels, others such as Shell and BP are prioritizing clean sources like solar and wind.