CALGARY — Investments in oil and gas production are important and must continue in tandem with increased investment in renewable and clean technologies, the deputy head of the International Energy Agency said Tuesday. Mary Burce Warlick made the comments in Calgary, the corporate heart of Canada’s oil and gas sector, just a week after the Paris-based IEA released its most recent forecast for global energy demand.
The IEA said in that forecast that demand for all three fossil fuels — coal, oil and gas — is set to peak by the end of this decade. It also predicted a potential oversupply of both oil and liquefied natural gas in the second half of the 2020s.
But Warlick said in her speech in Calgary that she understands the concerns people have about the energy transition in jurisdictions where jobs and livelihoods depend on fossil fuels. She said it’s important to understand that continued investment in oil and gas, in particular, will continue to be “important and necessary” for a period of time.
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