Whatever path the world follows in its efforts to limit the rise in global temperatures, intensifying climate impacts will increase the pressure on all industries to find solutions. While some oil and gas companies have taken steps to support efforts to combat climate change, the industry as a whole could play a much more significant role through its engineering capabilities, financial resources and project-management expertise, according to the International Energy Agency (IEA)’s Oil and Gas Industry in Energy Transitions report, which was released today.
The positioning of the oil and gas industry matters much less for the outlook for solar PV and wind, but it could make or break the outlook for some of these more capital-intensive technologies. And if low-carbon fuels are not available at scale, then – however difficult it is in practice – it will be natural for policy makers and other stakeholders to seek to solve every transition problem with low-carbon electricity. The latter is an area where, with the exception of offshore wind and geothermal, there is little overlap with today’s industry strengths.
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