What role should oil and gas companies play in climate tech?
1 min read
Summary
The International Energy Agency (IEA) has said oil and gas companies must turn their expertise to geothermal, hydrogen, biofuels, biomethane and carbon capture if the world is to reach net zero by 2050, but so far the industry has contributed just 1% of climate tech investment.
Now climate change investment is falling out of favour with the US government, so it is likely oil and gas companies will pull back on investments and promises.
The IEA says no one committed to changing their practices should wait for someone else to move first, but fossil fuels are still likely to play a role in the energy mix in the near term.
Startups partnering with established companies in the same industry, such as Quaise partnering with Nabors Industries, may provide a way forward, giving them a stake in next-generation energy production while providing the resources and expertise of an established player.