illuminem summarizes for you the essential news of the day. Read the full piece on The Business Times or enjoy below:
🗞️ Driving the news: The International Energy Agency (IEA) reported that the current $800 billion annual investment in oil and gas could be reduced by half by 2030 to meet the 1.5°C global warming limit goal.
• The report suggests no new oil and gas projects would be needed, and some existing projects might have to be discontinued
🔭 The context: The global oil and gas industry, a significant contributor to the climate crisis, is at a crossroads
•The IEA indicates these industries have a high potential for improvements. To align with the 1.5°C warming limit, the sector must cut emissions by 60% by 2030
🌍 Why it matters for the planet: This year's temperatures could be the highest in 125,000 years, highlighting the urgency of meeting the 1.5°C threshold
• Failure to do so could lead to increasingly severe climate disasters. The oil and gas industry, currently a minor player in clean energy investment, is crucial in this transition
⏭️ What's next: Despite the need for drastic reductions in fossil fuel investments, the IEA does not foresee the oil and gas industry's disappearance
• Some investment will remain necessary for energy security and hard-to-abate sectors. The industry's skills and resources are also pivotal in scaling up clean energy technologies
💬 One quote: "With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible," said IEA executive director Fatih Birol.
📈 One stat: Oil and gas demand is expected to peak by 2030, with a potential 45% decline by 2050 if current energy and climate pledges are fulfilled.
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