The Globe and Mail reports in its Friday, Nov. 24, edition that the oil and gas sector, one of the major emitters of planet-warming gases, will need a rapid and substantial overhaul for the world to avoid even worse extreme weather events fuelled by human-caused climate change, according to a report released Thursday.
An Associated Press dispatch to The Globe reports that the current investment of $800-billion (U.S.) a year in the oil and gas sector will need to be cut in half and greenhouse emissions, which result from the burning of fossil fuels such as oil, will need to fall by 60 per cent to give the world a fighting chance to meet its climate goals, the International Energy Agency said. The IEA's report comes just ahead of the United Nations climate conference, or COP28, which begins next week. Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. However, others say the sector needs to be at the table to discuss how to transition to cleaner energy.
"The oil and gas industry is facing a moment of truth at COP28 in Dubai," said IEA director Fatih Birol.
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