GlobalIEA: Oil and gas companies must dedicate 50% of investment to clean...

IEA: Oil and gas companies must dedicate 50% of investment to clean energy by 2030

Paris, Nov 23 (EFE).- Oil and gas producing companies should invest half of their investments in clean energy by 2030 to limit the increase in temperatures to 1.5 degrees, according to the International Energy Agency (IEA). .

In a special report published this Thursday, one week before the start of the COP28 climate summit in Dubai, the IEA points out that these companies currently only allocate 2.5% of their investments to renewables.

The report details what companies in the sector can do to meet the common goal of getting energy to net zero emissions by 2050, as the sector’s commitment to the energy transition will be a key theme of COP28.

The IEA makes it clear that the first step is to drastically cut the emissions generated by the operations of these companies.

The production, transportation and processing of oil and gas causes 15% of energy-related greenhouse emissions, “an enormous amount” equal to all those generated in the United States.

These emissions must be cut by more than 60% by 2030 from current levels and reach a level close to zero by the beginning of the 2040s, indicates the IEA, which reminds that “highest priority” must be given to eliminating methane leaks .

The report does not hide that there will continue to be consumption of gas and oil by 2050, although at a much lower level, and makes it clear that “not all producers can be the last one left” in the sector.

For example, it predicts that for that year about 25 million barrels of oil per day will be needed globally, compared to the demand of 103 million that is estimated for 2023. In 2050, about 920,000 million cubic meters of gas will also be needed, half of them to produce hydrogen.

The IEA insists that the oil and gas sector has a privileged position, thanks to its infrastructure and the training of its workers, to develop renewable energies, such as offshore wind, biofuels, biomethane or geothermal.

The oil and gas sector invests $800 billion each year, and that is double what will be needed in 2030 due to the expected drop in demand, the document recalls.

For this reason, companies in the sector must dedicate half of their investments to renewables by 2030, while they currently only allocate 2.5%, the report calculates.

Oil and gas producing countries only account for 1% of global investments in clean energy, emphasizes the IEA, which recognizes that these nations can have an economic impact with the transition but will also be very well positioned to lead the process due to their capabilities. in fossil energies.

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