The oil and gas industry needs to work harder and faster to tackle the climate crisis if it wants to remain profitable, a leading energy group says
Oil and gas companies should do much more to respond to the threat of climate change, and cannot rely on fossil fuels to keep driving returns, the International Energy Agency said in a report Monday.Since 2015, the industry has directed less than 1% of its annual capital expenditure towards low-carbon businesses, according to the report.
Reducing emissions"The first immediate task for all parts of the industry is reducing the carbon footprint of their own operations," said Birol."As of today, around 15% of global energy-related greenhouse gas emissions come from the process of getting oil and gas out of the ground and to consumers. A large part of these emissions can be brought down relatively quickly and easily," he said.
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