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Experts feel oil and natural gas industry needs to shift focus

The industry of oil and gas is in the need for working a lot harder and faster for tackling the crisis of climate in case they intend to remain in profit as per a leader in the energy group.

The companies of oil and gas must do a lot more for responding to the climate change threat and they are not going to rely on the fossil fuels for keeping the returns going as per a report by IEA (International Energy Agency) on this Monday.

Since the year 2015, this industry has directed lesser than 1% of their annual expenditure of capitals towards the businesses which are low-carbon as per the report.

A few of the companies have been spending till 5% however a few of the signs in the change large-scale for capital allocation has needed for putting the world on a path which is more sustainable it has said.

The experts said that none of the energy companies are going to be remaining unaffected by the transitions towards clean energy. They further say that each of the industry components need to consider how they are going to respond. Sitting at home and doing nothing is not going to be an option as per the experts.

The companies of oil have been facing a lot of pressure which is mounting from the governments, investors and activists for investing in the sources of renewable energy for tackling the crisis of climate.

Despite the low prices of oil and natural, environmental commitments by companies such as BP, Shell as well as ExxonMobil have remained modest relatively for a now.

In the year 2018, BP has invested $500 million in the activities of low carbon.

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