Oil-and-Gas Companies Account for Only 1% of Clean-Energy Investment Globally, IEA Says ...Middle East

Nov. 23, 2023 1:34 pm ET|WSJ Pro As the world prepares to travel to the COP28 climate summit, hosted by the United Arab Emirates, a new report warns that the fossil-fuel industry isn’t investing enough in decarbonization. Despite earning average annual revenues of $3.5 trillion since 2018, oil-and-gas companies are spending just 2.5% of their investment on clean energy, which is about 1% of the global clean-energy spend, according to the International Energy Agency. And 60% of that comes from just four companies out of thousands of producers. “Clean energy progress will continue with or without oil and gas producers,” IEA Executive Director Fatih Birol said. “However, the j

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