At global energy conference, oil and gas industry leaders argue for fossil fuels’ future in the energy transition

(11 Mar 2022) Russia’s invasion of Ukraine and grim climate reports changed the conversation, but not the industry’s assertion that it will remain a critical part of the global economy, even as it decarbonizes.

Energy titans from around the globe were set to discuss climate change and the challenges it poses to their industry when they gathered in Houston this week, but Russia’s invasion of Ukraine, and the turmoil it unleashed in energy markets, reframed their agenda. Taken together, the twin crises pose an existential threat to the industry. 

As Europe’s recently developed plans to speed their shift to green energy make clear, governments and consumers could react to high oil and gas prices and heightened volatility by accelerating a move away from fossil fuels.

But some executives and their supporters in Congress stressed a different point. The war, and its disruptions to Russia’s oil and gas exports, showed the need for greater production of their products, they said, and for a loosening of climate-focused regulations that constrain development. The invasion, they said, shows how crucial their industry remains to the global economy and how American oil and gas exports can serve national interests.

External link

, 11 Mar 2022: At global energy conference, oil and gas industry leaders argue for fossil fuels’ future in the energy transition

More Related News

Coal exit

16 Apr 2024: ‘Right time to revisit’ managed coal phase-out in Japan: GFANZ APAC

12 Apr 2024: China responsible for 95% of new coal power construction in 2023, report says

2 Apr 2024: Coal phase-out: Germany shuts down 15 coal-fired power plants

14 Mar 2024: Europe’s coal legacy remains a major climate hurdle

8 Mar 2024: Departing from coal: Poland’s new energy roadmap

15 Feb 2024: Germany deletes EU CO2 allowances freed up by coal exit

16 Jan 2024: Market economics to cut Bulgaria's coal use before 2038 deadline - minister

15 Jan 2024: Poland plans to set end date for coal power

22 Dec 2023: EU Commission allocates €1.2 billion for transformation of coal regions in Bulgaria

19 Dec 2023: Seven European countries pledge CO2-free power systems by 2035

15 Dec 2023: Global coal use at all-time high in 2023 - IEA