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IEA Head urges countries to reduce reliance on oil and gas
– Calls on companies to use ‘big profits’ to invest in clean energy transition
Kaieteur News – Head of the International Energy Agency (IEA), Fatih Birol on Tuesday advised countries around the world to reduce their reliance on oil and gas.
The IEA Head was at the time delivering his keynote address on, ‘Navigating a world in turmoil’ at the Oslo Energy Conference in Norway when he made the appeal.
Birol underscored that countries can no longer be run on oil and gas for specific reasons. “You cannot anymore run a country whose economy is 90 percent reliant on oil and gas revenues because oil demand will go down.”
IEA stats on global oil and gas industry income 2015-2022
He added that the global oil and gas industry income jumped to almost US$4T in 2022, which he said, is a huge rise from recent average of US$1.5T. Citing the profits made by the oil and gas majors, Birol said, “The sector has a unique opportunity to invest a significant chunk of this in clean energy transitions, especially in emerging & developing economies.”
Head of the International Energy Agency (IEA), Fatih Birol
Amidst the Russia-Ukraine war which sent oil prices soaring, oil and gas companies saw record-shattering profits. Last year, US President, Joe Biden had slammed American oil giant, ExxonMobil for ‘making more money than god.’
Like Exxon, other oil majors like Shell and British Petroleum also raked in big profits last year. As a result, President Biden accused oil majors of war-profiteering and had threatened to increase the windfall taxes in his country to tax the big-profits.
The British Government had increased the windfall taxes in their country to use the monies to alleviate the high cost of living crisis that was caused by the war.
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