Source: Energy Monitor
When the International Energy Agency (IEA) published its Net Zero by 2050 analysis in 2021, it became clear just how challenging the energy transition would be. For example, solar and wind installations would have to increase four-fold by 2030 while electric vehicle sales would have to increase 18-fold and all advanced economies would have to phase out coal. However, perhaps most significant for the multi-trillion dollar global energy industry was the recommendation that “[b]eyond projects already committed as of 2021, there are no new oil and gas fields approved for development”.
While many of the other policy recommendations represent growth opportunities, this was something different: a warning, that the industry which has fuelled global industrial growth for the past century, will now have to be wound down, and wound down fast.
In late 2021, at the COP26 climate conference in Glasgow, the Beyond Oil and Gas Alliance (BOGA) was formed. This is an international group of governments that have promised not to approve new oil and gas fields for development. As of May 2023, BOGA has 12 members: Costa Rica, Denmark, France, Greenland, Portugal, Quebec, Sweden, Ireland, Tuvalu, Vanuatu, Wales and Washington State.