IEA: Oil and Gas Demand Could Plummet 75% by 2050 to Limit Warming
• IEA report forecasts 75% drop in oil and gas demand by 2050 to limit warming to 1.5°C • Market expected to peak by 2030; emissions intensity must be near zero by early 2040s • Oil and gas sector investing just 1% in clean energy globally currently • 30% of energy in 2050 could come from low-carbon technologies like hydrogen that sector could provide • Industry needs to shift capital spending - 50% into clean energy projects recommended by 2030