Fatih Birol, the director of the Paris-based International Energy Agency, said on Monday there is a need for investment in oil and gas fields to support global energy security…
Fatih Birol, the director of the Paris-based International Energy Agency, said on Monday there is a need for investment in oil and gas fields to support global energy security.
The comment puts the energy watchdog for industrialized nations more in line with President Donald Trump's pro-drilling agenda, after it came under pressure from fossil fuel advocates years ago for proposing an end to new oil and gas projects.
"I want to make it clear ... there would be a need for investment, especially to address the decline in the existing fields," he said at the CERAWeek energy conference in Houston. "There is a need for oil and gas upstream investments, full stop," he said.
Birol has been under pressure from Trump's administration and from the president's fellow Republicans in Congress for the IEA's shift in recent years toward a focus on clean energy policy.
In 2021, the IEA said companies should not invest in new coal, oil and gas projects if the international community wants to reach net zero emissions by mid-century to fight climate change. Countering global warming
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