IEA: Large oil companies' green investment spending is not rising enough

According to a report by Bloomberg News on June 2, this year, the oil and gas industry will increase investment in clean energy, but this is still not enough to put the world on the path of limiting the rapid rise in global temperature.

An IEA report shows that traditional fossil fuel companies are expected to increase climate-friendly investments to at least 4% of capital expenditures, up from 1% last year.

Fatih Birol, Executive Director of the International Energy Agency, said: "More resources must be mobilized and directed to clean energy technologies, so that the world can be on the track of achieving net zero emissions by 2050.

Overall, the International Energy Agency predicts that global energy investment in 2021 will reach US$1.

Despite pressure to reduce emissions, the International Energy Agency estimates that less than 45% of global investment is invested in clean energy.

The IEA stated that as private companies face more pressure to limit their impact on the climate, state-owned companies will account for a larger proportion of fossil fuel investment and will lead the transformation of oil and gas companies’ overall investment in clean energy, and most of them It is a European company that has been under the greatest pressure to reduce emissions.

Wang Jiajing excerpted and translated from Bloomberg

The original text is as follows:

Big Oil's Green-Spending Boost Isn't Enough, IEA Says

The oil and gas industry is set to boost investments in clean energy this year, but that still won't be enough to put the world on a path to limit a dangerous rise in global temperatures.

　　That's the view of the International Energy Agency, which expects traditional fossil-fuel companies to increase climate-friendly investments to at least 4% of their capital spending, up from just 1% last year, according to a report Wednesday.

　　The figure underscores both the rapid pace that investment is tilting toward low-carbon sources as well as the scale of the challenge.

　　“Much greater resources have to be mobilized and directed to clean energy technologies to put the world on track to reach net-zero emissions by 2050,” said Fatih Birol, the IEA's executive director.

　　Overall, the IEA expects global investment in energy to reach $1.

　　Despite the pressure to cut emissions, the IEA expects less than 45% of global investment in the sector to go toward clean energy.

　　As more pressure comes on private companies to limit their climate impact, state-owned businesses will make up a greater proportion of fossil-fuel investments, the IEA said.