IEA: Green energy shift needs ‘deep pockets’ of oil and gas industry

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image credit: Evangeline Shaw / Unsplash

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.”

See here to read the story in full, as originally published by PV Tech's sister title Current±

The global opportunities and challenges of renewable finance's new era will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February).

8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.

Read Next

January 18, 2022
Corporate funding in the global solar sector reached a ten-year high in 2021 as the industry recovered from a COVID-affected 2020, new research from Mercom Capital Group reveals.
PV Tech Premium
December 30, 2021
As operational solar assets mature, news of repowering projects is steadily ramping up. Alice Grundy takes a look at what’s influencing decisions and just when the right time to repower is.
PV Tech Premium
December 6, 2021
PV Tech Premium breaks down the key schemes and incentives that exist for companies that want to invest in India's growing solar market
December 1, 2021
Global solar PV deployment is on track to grow by 17% this year in spite of surging commodity prices increasing manufacturing costs, according to the International Energy Agency (IEA).
November 23, 2021
French energy giant TotalEnergies has won new contracts in Libya that include the development of a 500MW solar PV project, although it will also see the company pour US$2 billion into crude oil production and invest in gas extraction
November 22, 2021
Greta Thunberg’s verdict remains unchanged, but is the climate activist too pessimistic on the Glasgow Climate Pact, or is she right to dismiss the agreement?

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany