Just one week before the opening of COP28 in Dubai, the International Energy Agency (IEA) is calling on oil and gas companies to radically change the way they invest in order to maintain any hope of limiting the global warming to 1.5°C by 2030, as provided for in the 2015 Paris Agreement.
The intergovernmental organization calls on oil and gas groups to devote half of their investments to clean energy by 2030, these being currently limited to 2.5%.
A slowness which penalizes the rest of global efforts. Overall, 1,617 billion dollars were invested in clean energies in 2022, compared to 1,002 in fossil fuels.
A significant development since 2015, when fossil fuels were in the lead with $1,319 billion invested globally, compared to $1,074 billion for clean energies.
“Contribute to the climate crisis” or be “part of the solution”? The oil and gas industry must make “difficult decisions now” to accelerate clean energy and reduce its emissions, says the IEA.