PARIS: 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.
