Oil and gas companies must boost investment in low carbon energies or face an increasing backlash that could threaten their long-term profits and social acceptance, the International Energy Agency said on Monday.
The Paris-based agency, which advises industrialized nations on energy issues, said oil and gas companies are facing increasing demands to explain how they intend to reduce emissions in line with the 2015 Paris climate agreement. The IEA said another key move by the sector would be to boost investments in the cleaner fuels – such as hydrogen, biomethane and advanced biofuels.
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