Industry News
IEA warns fossil fuel companies to transition to clean energy early on
This has also intensified the tension before COP 28 of the Global Climate Conference, with more and more institutions emphasizing the need to further strengthen the efforts of climate transition.
The International Energy Agency (IEA) stated on Thursday that the oil and gas industry needs to abandon the illusion that carbon capture technology can solve emissions and truly invest in clean energy.
IEA Executive Director Fatih Birol wrote in a statement that after reviewing the role of the fossil fuel industry in net zero emissions by 2050, it was found that only 1% of global clean energy investment currently comes from oil and natural gas, which is disturbing. He warned that a successful transition to clean energy requires scaling back rather than expanding the oil and gas business.
Previously, a green organization criticized that carbon capture technology has become one of the self deceiving strategies used by oil and gas companies, and fossil fuel producers are attempting to continue engaging in the extraction and use of carbon rich energy through the belief that carbon capture can reduce emissions.
However, the increasing controversy surrounding carbon capture has put greater pressure on fossil fuel companies to transform.
Birol pointed out that by 2030, the oil and gas industry will need to invest 50% of its capital expenditure in clean energy projects to achieve the goal of controlling rising temperatures within 1.5 degrees Celsius. But as of 2022, the industry has only spent 2.5%.
The IEA explains that one of the main pitfalls affecting the energy transformation of the industry is carbon capture technology. Although carbon capture is crucial for achieving net zero in certain industries, it should not be an excuse to maintain the status quo.
It also added that assuming the consumption of oil and natural gas remains unchanged, by 2050, the world needs to capture 32 billion tons of carbon to achieve the goal of temperature changes within 1.5 degrees Celsius, which is unimaginable. And this technology will require 26000 terawatt hours of electricity to capture such a large amount of carbon, which is higher than the global total electricity consumption in 2022.
The IEA therefore warns that the oil and gas industry will face a critical moment at COP 28, and as the climate crisis worsens, it remains irresponsible to society and the environment.
Meanwhile, American oil giants such as ExxonMobil and Chevron are investing billions of dollars in carbon capture technology and hydrogen, and doubling their investment in fossil fuels through large-scale transactions.
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