Should the oil industry see threat or opportunity in the International Energy Agency's (IEA) recent report, Net Zero by 2050, A Roadmap for the Global Energy Sector? The report calls for an immediate halt to investments in oil and gas projects in an effort to meet zero carbon emissions by 2050. IEA said meeting the Paris Agreements goals of limiting global warming to 1.5°C above preindustrial levels will require "an unprecedented clean technology push by 2030." Ironically, the IEA itself was born out of the oil crisis of 1973-1974, perpetuated by the oil embargo imposed by the Organisation of Arab Petroleum Exporting Countries. The embargo created an oil price shock and gasoline shortages that caused long-lines at petrol stations. In 1974, the agency was set up as a forum to discuss security of supply and energy policy and respond to disruptions in oil supply. While it is still focused on energy security today, IEA has broadened its scope beyond oil to include natural gas, electricity, clean energy technology and efficiency to remain relevant in a rapidly changing global energy market.
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