Producers of oil and gas have to drastically step up their efforts to transition to clean-energy business models and prepare to scale back fossil fuel operations as consumption peaks, according to the International Energy Agency (IEA).
Clean energy investment by the oil and gas industry as represented just 2.7% of its total capital spending in 2022, the IEA said in its report on oil and gas and net zero transition, adding that only 1.2%
