Oil and gas industry needs to let go of carbon capture as solution to climate change, IEA says
Publishing timestamp: 2023-11-24 07:20:47
Summary
The oil and gas industry needs to invest more in clean energy and let go of the illusion that carbon capture technology is the solution to climate change, according to the International Energy Agency (IEA). Only 1% of global investment in clean energy has come from oil and gas companies. The IEA report states that the industry needs to scale back oil and gas operations and invest 50% of capital expenditures in clean energy projects by 2030 to limit climate change. Excessive reliance on carbon capture is seen as a pitfall in the energy transition. U.S. oil majors like Exxon Mobil and Chevron are investing in carbon capture technology, while European majors like Shell and BP are focusing on renewables.
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