<p>A significant new special report released by the International Energy Agency (IEA) on Thursday demonstrated how the oil and gas industry can adopt a more responsible stance and positively impact the new energy economy, even as producers of the fuel are faced with critical decisions regarding their place in the global energy system amid a worsening climate crisis fueled in large part by their core products.<img decoding=”async” class=”alignnone wp-image-286876″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-according-to-iea-global-gas-and-oil-consumption-will-peak-by-2030-download-2023-11.jpg” alt=”theindiaprint.com according to iea global gas and oil consumption will peak by 2030 download 2023 11″ width=”1234″ height=”893″ title=”According to IEA, global gas and oil consumption will peak by 2030 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-according-to-iea-global-gas-and-oil-consumption-will-peak-by-2030-download-2023-11.jpg 264w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-according-to-iea-global-gas-and-oil-consumption-will-peak-by-2030-download-2023-11-150×109.jpg 150w” sizes=”(max-width: 1234px) 100vw, 1234px” /></p>
<p>Stronger worldwide efforts to meet energy and climate objectives would have possibilities and consequences for the oil and gas business, which are examined in The Oil and Gas business in Net Zero Transitions.</p>
<p>The special study, which was released in advance of the COP28 climate conference in Dubai, outlines the steps that the global oil and gas industry must take to align its operations with the objectives of the Paris Agreement.</p>
<p>The most recent IEA predictions indicate that the world demand for both gas and oil is expected to peak by 2030, even with the current policy settings.</p>
<p>There would be significant drops in the demand for both fuels if climate change was addressed more forcefully.</p>
<p>In the event that countries fulfill their whole national energy and climate commitment, demand by 2050 would be 45% lower than it is now.</p>
<p>Oil and gas use would decrease by more than 75% by 2050 in order to maintain the objective of keeping global warming to 1.5 degrees Celsius within reach by achieving “net-zero” emissions by the middle of the century.</p>
<p>However, the study claims that the oil and gas industry, which produces more than half of the world’s energy and employs close to 12 million people globally, has at most been a negligible influence in the shift to a sustainable energy system.</p>
<p>Currently, barely 1% of renewable energy investment is made worldwide by oil and gas firms, with just four businesses accounting for 60% of this total.</p>
<p>“At COP28 in Dubai, the oil and gas sector is facing a critical juncture. It is neither socially nor ecologically responsible to go on with business as usual while the globe is dealing with the effects of a deepening climate catastrophe, according to IEA Executive Director Fatih Birol.</p>
<p>Producers of gas and oil must make important choices on their future roles in the global energy market. The sector must give up the delusion that unachievably high levels of carbon capture are the answer if it is to really assist the globe in meeting its energy demands and climate objectives.</p>
<p>“This special report presents a just and practical path forward that will enable oil and gas companies to truly participate in the clean energy economy and prevent the worst effects of climate change on the planet,” said Fatih Birol.</p>
<p>In response, COP28 CEO Adnan Amin said that the IEA research “reinforces” the importance of COP28 as a turning moment in global efforts to combat climate change and maintain 1.5 degrees Celsius.</p>
<p>The globe has to announce some positive news and make a bold choice about the Global Stocktake.</p>
<p>The research makes it clear that every sector has to contribute to the solution. We have long said that we cannot have an energy transition without the energy sector, and that real, concrete climate action can only occur when everyone is at the table.</p>
<p>“I have always urged the oil and gas industry to set the highest standards for itself and take immediate steps toward decarbonization. The oil and gas sector, in our opinion, is capable of more. For this reason, I have been urging the oil and gas sector to aim for “net zero” emissions by 2050 at the latest, and to completely eliminate methane emissions by 2030. They have to assist with the global shift and decarbonize their own companies.</p>
