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Oil And Gas Investment Could Halve By 2030 To Meet Climate Goal: IEA
The current $800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report Thursday.
The report added that no new long-lead-time oil and gas sector projects would be needed if that goal were to be reached, and some current projects would need to be shuttered.
The highest emitters in the global oil and gas industry have “vast potential for improvements”, the IEA said, as they face choices amid a climate crisis fuelled in large part by their products.
The industry will need to reduce emissions by 60% by 2030 in order for the industry to align with climate goals to limit warming to the 1.5C above pre-industrial average defined in the Paris agreement, the IEA said.
Temperatures this year are set to be the world’s warmest in 125,000 years, and there are concerns that the 1.5C threshold could be breached as early as this decade, which would lead to more and deadlier climate disasters.
“With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible,” IEA executive director Fatih Birol said.
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