The International Energy Agency (IEA) published a major report, The Oil and Gas Industry in Net-Zero Transition, which states that the sector must slash its GHG emissions by 60% by 2030 to meet the Paris Agreement targets.
The IEA is bringing “5 pillars for action” to the COP28 climate summit in Dubai for “getting the world on track by 2030 for meeting climate goals.” Notably the five priorities do not include ramping up nuclear energy:
- Triple global renewable capacity
- Double the rate of energy efficiency improvements
- Oil and gas companies commit to advancing clean energy transitions and slashing emissions from their operations, including cutting methane by 75%
- Establish large-scale financing mechanisms to support clean energy investments in emerging and developing economies
- Adopt measures to ensure an orderly decline in the use of fossil fuels
The IEA statement with links to the full report is HERE.