IEA calls for increased oil, gas production to offset Russian losses
The International Energy Agency has stressed the need for increased oil and gas production to offset reductions in Russian supply in its latest World Energy Outlook, released last week.
"The most suitable near-term substitutes are projects with short lead times that bring oil and gas to market quickly," the IEA said, while also pointing to the 260bn m3 of natural gas that is currently flared globally but could be captured and used.
However, the Paris-based agency also said that the "lasting solutions" to the current energy crisis "lie in reducing fossil fuel demand."
"Many financial organisations have set goals and plans to scale down investment in fossil fuels," the IEA said. "Much more emphasis is needed on goals and plans for scaling up investment in clean energy transitions, and on what governments can do to incentivise this."