CALGARY — Chief executives of the some of the world's biggest fossil fuel companies are meeting in Canada this week, united in their stance that 'peak oil' isn't about to put them out of business anytime soon.
CALGARY — Chief executives of the some of the world's biggest fossil fuel companies are meeting in Canada this week, united in their stance that"peak oil" isn't about to put them out of business anytime soon.
While the industry is under far greater pressure now than it was then to address its role in fueling climate change — 2022 was the hottest summer on record, according to climate scientists, and marred by wildfires and floods around the world — oil-and-gas leaders remain bullish on the future of their industry.
But the IEA also predicted that demand for oil and gas will peak in 2030, as the transition to electric vehicles accelerates and countries intensify their efforts to restrict fossil-fuel driven climate change to 1.5 degrees Celsius of warming.He warned that overestimating how quickly the world can transition to cleaner energy puts the welfare of many at risk, particularly in developing nations where expensive solutions aren't feasible.
Nasser said CCUS, which takes harmful carbon emissions from heavy industry and stores them safely underground, will be key to getting the world to net-zero by 2050. In the meantime, he said his company and others will continue to provide customers with the fossil fuel products necessary to meet demand.
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