‘Do not use war as a reason to increase fossil fuel investments'
The head of the International Energy Agency is urging countries and investors not to use Russia’s invasion of Ukraine as a reason to increase fossil fuel investments.
Speaking on an energy panel on Monday at the World Economic Forum in Davos, Switzerland, Fatih Birol said the immediate response to energy shocks from the war should be an increase of oil and gas on the market.
But that did not mean large and sustained investments in fossil fuels.
Instead, he says efficiencies, such as reducing leaked methane and even lowering thermostats by a few degrees this winter in Europe, would help ensure adequate energy supply.
Russia is a major supplier of oil and natural gas, with the invasion sending European countries scrambling to reduce their reliance on Moscow.
Occidental Petroleum CEO Vicki Hollub countered that oil and gas industries had a central role to play in the transition to renewable energy.
She said the focus should be on making fossil fuels cleaner by reducing emissions.
Ms Hollub said Occidental had invested heavily in wind and solar energy and planned to build the world’s largest direct air capture facility in the Permian Basin, spanning parts of Texas and New Mexico.
Direct air capture is a process that pulls carbon dioxide out of the air and sequesters it.
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