The “deep pockets” of oil and gas (O&G) players could be crucial in accelerating the deployment of renewables, the International Energy Agency (IEA) has said.
Industry majors must “make clear” what the low-carbon transition means to them and bankroll the shift more decisively, the IEA urged in a report aimed at the global wealthy heading to the Davos 2020 summit this week.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The report, produced alongside Davos organiser the World Economic Forum, lays out the “ample” opportunities it claims exist for O&G players seeking to back the move to renewables. It warns there are “few signs” so far that the sector is investing enough to “put the world on a more sustainable path”.
“No energy company will be unaffected by clean energy transitions,” IEA executive director Dr Fatih Birol said as he outlined the report's findings. “Every part of the industry needs to consider how to respond. Doing nothing is simply not an option.”
See here to read the story in full, as originally published by PV Tech's sister title Current±
The global opportunities and challenges of renewable finance's new era will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February).