In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the wake of the Russian invasion of Ukraine and subsequent sanctions on Russian energy, to support government energy security efforts and fill the gap until there are sufficient green alternatives to meet the rising global energy demand.
In 2021, the IEA stated the need for an “unprecedented transformation of how energy is produced, transported and used globally” to achieve international climate goals. The Agency’s 2021 Roadmap showed that the pledges at that point fell “well short of what is necessary to reach netzero emissions globally by 2050.
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