According to a report by the International Energy Agency, achieving the goal of net zero emissions by 2050 will make the oil and gas sector less profitable and more risky over time.
He pointed out that the value of private oil and gas companies may decrease by between 25% and 60%, depending on the extent of the commitment of the world’s countries to reduce global warming.
The report warned that carbon capture, a process that involves removing carbon from the air or smoke and storing or using it, cannot be a solution to the problem.
He warned that carbon capture will require a huge capacity that completely exceeds the global demand for electricity today, if oil and natural gas consumption continues at the same level.
