Abstract:

The global oil and gas industry encompasses a large and diverse range of players: from small, specialised operators to huge national oil companies. These producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products. The report analyses the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets. It also examines how transitions increase the likelihood of boom and bust cycles for oil and gas producer economies. It highlights strategies for producer economies that could complement broader reforms to build macroeconomic stability and the role of international partners to support this process. The report sets out a fair and feasible way forward in which oil and gas companies and producer economies take a real stake in the clean energy economy while helping the world avoid the most severe impacts of climate change.