Displaying items by tag: investment in renewable energy

The global oil and gas industry faces a critical juncture at the upcoming UN climate talks (COP28), according to Dr Fatih Birol, the head of the International Energy Agency (IEA). She emphasised that the sector must make a pivotal choice between exacerbating the climate crisis or actively contributing to its resolution. Last year, fossil fuel companies allocated a mere 1% of global investment to renewable energy. At COP28, the IEA intends to exert pressure on participating governments to agree on measures for reducing fossil fuel usage. Dr Birol stressed that a successful transition to clean energy necessitates reduced demand for oil and gas, requiring the scaling back of fossil fuel operations. Meeting climate goals involves embracing carbon capture technology while simultaneously reducing emissions, but currently carbon capture capacity worldwide is insufficient to meet these objectives. The fossil fuel industry, although a major investor in carbon capture and storage, is being strongly criticised for its inadequate investment in renewable energy.