The energy transition will be cheaper and faster with the full support of the oil and gas sector, but national oil companies, in particular, are falling behind, the IEA warned in a report compiled with the World Economic Forum and presented at Davos 2020.
For all the talk of the energy transition, leading global oil and gas companies invested just $2.1 billion into solar, wind, biofuels and carbon capture projects last year, or a mere 0.8 percent of their overall capital expenditures, according to the IEA..
Total M&A activity or other investments into low-carbon companies — such as minigrid developers, EV infrastructure firms or energy storage providers — was under $2 billion last year from leading oil companies, the IEA said.
