Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos.don't like it. But some in the solar, wind and hydro industry are warming to the carbon crowd.
This shift, partly triggered by the energy crunch after Russia's invasion of Ukraine, has been front and centre in Davos, where United Nations Secretary-General Antonio GuterresAs soaring prices drove up inflation, forced industries to shut production and hiked energy bills, European leaders reversed plans to cut down on investments in new fossil fuels.
"Certainly the war added a premium but the root cause is structural," Joseph McMonigle, Secretary General of the International Energy Forum, told Reuters.The Organization of Petroleum Exporting Countries , in its, estimated $12.1 trillion would be needed to be invested to meet oil demand to 2045 to avert energy crises.
Like Birol, British opposition leader Keir Starmer said the oil and gas sector has a role to play in the energy transition. The role involves overseeing negotiations among the nearly 200 countries that typically attend the annual talks, which at COP28 will be the first Global Stocktake since the landmark Paris Agreement of 2015.
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