The “deep pockets” of oil and gas (O&G) players could be crucial in accelerating the deployment of renewables, the International Energy Agency (IEA) has said.
Industry majors must “make clear” what the low-carbon transition means to them and bankroll the shift more decisively, the IEA urged in a report aimed at the global wealthy heading to the Davos 2020 summit this week.
The report, produced alongside Davos organiser the World Economic Forum, lays out the “ample” opportunities it claims exist for O&G players seeking to back the move to renewables. It warns there are “few signs” so far that the sector is investing enough to “put the world on a more sustainable path”.
“No energy company will be unaffected by clean energy transitions,” IEA executive director Dr Fatih Birol said as he outlined the report's findings. “Every part of the industry needs to consider how to respond. Doing nothing is simply not an option.”