As the world focuses on transitioning to green, there are big questions about whether new oil and gas resources should be developed. On the one hand, new oil regions present the opportunity to develop lower-carbon oil and gas through less damaging operations. On the other, the International Energy Agency IEA and environmental organisations say it is vital to transition away from fossil fuels to green alternatives and leave any new oil in the ground, to achieve global climate aims.
To ensure there is enough energy to replace the demand for gas, significantly more investment must go into developing the world’s renewable energy and nuclear power capacity. In addition, high-income countries must provide financing for developing countries to establish their renewable energy industries and allow them to turn down the opportunity to earn high oil and gas revenues.