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2 min read Fossil fuels

Oil and gas sector ramping up production faster than demand despite climate goals

None of the assessed companies have diversification plans at the scale needed to reach net zero by 2050.
Melodie Michel
Melodie Michel
Oil and gas sector ramping up production faster than demand and ignoring global climate goals
Photo by Moritz Kindler on Unsplash

Oil and gas companies are set to increase upstream production by 14% between 2024 and 2030, despite calls to cut output and diversify into clean energy in order to limit the global temperature rise.

This 14% increase, up to 26.16 million barrels of oil-equivalent per day by 2030 exceeds the 5.9% global oil and gas demand increase projected by the International Energy Agency for 2024-2030 under current policies – a scenario consistent with a 2.9°C global mean temperature rise by 2100.

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