Oil demand must fall to 24mn bl/d by 2050 according to the IEA's net zero scenario
Strong policy push needed to reduce oil and gas demand
Mismatch between tightening supply and continued demand will result in continued volatility unless action taken on demand side, says IEA report
Current oil and gas investment is in line with the IEA’s Net-Zero Emissions (NZE) scenario, but stated policies will not be enough to reduce demand and prevent further energy market volatility, the agency warns in its most recent World Energy Outlook. Oil and gas investment is estimated to fall from $481bn in 2019 to c.$356bn by the end of this year—below the NZE threshold of an average $366bn per year up to 2030. Clean energy investment, on the other hand, is only a third of the level needed to meet net zero by 2050. “As the world makes its much-needed way towards net-zero emissions, there is an ever-present risk of mismatches between energy supply and demand as a result of a lack of approp
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
