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Page added on November 23, 2023

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Oil producers have to step up their transition game, says IEA

Producers of oil and gas have to drastically step up their efforts to transition to clean-energy business models and prepare to scale back fossil fuel operations as consumption peaks, according to the International Energy Agency (IEA)

Only 1% of total clean energy investment globally currently comes from oil and gas producers, the IEA said in its report on oil and gas and net zero transition, as the agency called on the sector to do more to move the needle.

It added that 60% of that 1% investment comes from just four companies.

“Continuing with business as usual is neither socially nor environmentally responsible,” said IEA executive director Fatih Birol.

“Successful clean energy transitions require much lower demand for oil and gas, which means scaling back oil and gas operations over time — not expanding them.”

The oil sector has been “a marginal force at best” in transitioning to a cleaner energy system, the report read.

“In transitions to net zero, oil and gas is set to become a less profitable and riskier business over time,” it said.

The agency states that oil and gas “will not disappear” even in a net zero by 2050 scenario, and concedes that “some investment” is needed to ensure security of supply and meet the energy needs of hard-to-abate industries, but reiterated that the declining demand arc required by 2050 “leaves no room for new fields”.

“Producers need to explain how any new resource developments are viable within a global pathway to net zero emissions by 2050 and be transparent about how they plan to avoid pushing this goal out of reach,” read the report.

The agency reconfirmed its forecast that global fossil fuel demand would peak by 2030, and decline in the following years. It expects demand would fall by 45% against current levels by 2050, if governments deliver on their transition pledges. In a net zero by 2050 world, demand for oil would fall by more than 75%.

“Not every oil and gas company will be able to maintain output — requiring consumers to send clear signals on their direction and speed of travel so that producers can make informed decisions on future spending,” read the report.

Downsized role for CCS

While the agency believes that carbon capture and storage (CCS) will need to be developed at scale to support the goals of emissions reduction, Birol said oil producers should “let go of the illusion that implausibly large amounts of carbon capture are the solution”.

The agency describes CCS as “the lynchpin” of many oil producers’ transition strategies, but goes on to say that the technology “cannot be used to maintain the status quo”. The reliance on CCS from the oil sector is “excessive”, it added.

The oil and gas sector is behind some 90% of CCS projects currently active globally.

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6 Comments on "Oil producers have to step up their transition game, says IEA"

  1. Dredd on Fri, 24th Nov 2023 7:48 am 

    Polluters gotta pollute … even though it is not in the genes (On The Origin Of Another Genetic Constant – 2).

  2. Theedrich on Sat, 25th Nov 2023 9:04 am 

    “Allah” is Mohammedanists’ code word for Satan. They adore and praise this figure as the supernatural prince ordering their infanticidal strategies and megalomania.  Nothing can stand in their way, not even death, in the fulfillment of this cult deity’s demand to make the entire world “submit” to him (the word “Islam” means “submission”).  Beheading babies, torture, murder and every kind of enormity is ordered by Satan-Allah.  In the West, academics, politicians and materialist billionaires such as George Sörös of course do not believe in anything spiritual, and are convinced that money and power are the only factors which move humans.  Thus they will never recognize to driving force behind the countless Mohammedanist sects which seek the blood of Western civilization.  Satan has convinced them that he does not exist.  Thus the Satanic cult of the Levantine deserts is taking over the West.

  3. Dredd on Wed, 29th Nov 2023 5:52 am 

    Theedrich,

    “‘Allah’ is Mohammedanists’ code word for Satan”

    “Allah” then, might consider that a slight … because of the claim that “Again, the devil took him to a very high mountain and showed him ALL THE kingdoms of the world and their splendor. ‘All this I will give you,’ he said, ‘if you will bow down and worship me.'” (Matthew 4:8-9)

    “Allah” claims control of all nations on Earth, not just the realm of Islam.

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