The International Energy Agency (IEA) said in a report on Thursday that the goal of limiting global warming to 1.5 degrees Celsius could result in halving the current $800 billion invested annually in the global oil and gas sector. gas by 2030.
The report added that no new long-term projects in the oil and gas sector would be needed if this target was achieved, and some current projects would need to be terminated.
The biggest emitters in the global oil and gas sector have “vast potential for improvement,” the IEA said, as they face choices amid a climate crisis fueled largely by their products.
The sector will need to reduce emissions by 60% by 2030 to align with climate goals and limit warming to 1.5C above the pre-industrial average set in the Paris Agreement, the IEA said.
This year's temperatures could be the hottest in 125,000 years. There are concerns that the 1.5°C limit will be exceeded this decade. This could result in more deadly climate disasters.
“The world is facing a severe climate crisis. The impacts are growing. Maintaining business as usual is irresponsible. This view is shared by Fatih Birol, executive director of the IEA.”
Oil and gas sector as 'marginal force' investing in clean energy to sustain future demand
The companies of Petroleum and gas, after all, represent just 1% of global investment in clean energy. Of this total, 60% comes from four companies, making them a “marginal force at best,” according to the IEA.
Previously, the IEA predicts that the sector will not disappear during the transition to net-zero emissions. Investments will be needed, however, to ensure the security of energy supply and provide fuel to sectors that are challenging to reduce emissions.
The oil and gas sector, however, has essential skills and resources. It is able to boost clean energy technologies such as hydrogen, carbon capture, offshore wind and liquid biofuels. These technologies therefore have the potential to make up 30% of the energy consumed by 2050.
However, the IEA report predicts that global demand for oil and gas will peak in 2030. By 2050, demand is expected to decline by 45% compared to current levels if governments fulfill their national energy and gas pledges. climate.
Certainly, these projections indicate a significant change in the global energy scenario, as the transition to cleaner and more sustainable sources is inevitable. The adaptive role of the oil and gas sector, then, becomes crucial in this constantly evolving context.
Source: Notícias Agrícolas
