COP28 will be ‘moment of truth’ for oil and gas industry

COP28 will be the “moment of truth” for the oil and gas industry to act on decarbonisation, according to IEA Executive Director Fatih Birol.

Global demand for both oil and gas is set to peak by 2030, according to the latest IEA projections.. To align with a 1.5 °C scenario, the industry’s own emissions need to decline by 60% by 2030.

Birol said, “Our first suggestion to the oil and gas industry is ‘commit yourself in Dubai to reduce your own emissions by 60%’ … this would give an entry ticket to being a genuine partner in the fight against climate change.”

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