London CNN —Oil and gas producers must confront a “pivotal” choice: continue to accelerate the climate crisis or become part of the solution, the International Energy Agency said in a report Thursday.
“The oil and gas industry is facing a moment of truth at COP28 in Dubai,” IEA Executive Director Fatih Birol said in a statement.
This pollution needs to be cut by more than 60% by 2030 from today’s level, the IEA report says.
The industry invested around $20 billion in clean energy projects last year — only around 2.5% of its total capital spending, the IEA found.
Such an increase would mean a radical change in how oil and gas firms spend their cash.
Persons:
Fatih Birol, Birol, ” Birol, what’s, Kaisa Kosonen
Organizations:
London CNN —, International Energy Agency, United, and Gas Industry, IEA, Greenpeace International
Locations:
COP28, United Nations, Dubai