Dominance of fossil fuel
In 2010, 94% of transport energy demand came from fossil fuels, according to the IEA. Despite the clear need to reduce carbon emissions, global oil production is still increasing. Exploration by oil and gas majors added more than 12 billion barrels to oilfield reserves in 2019. “50 years’ worth of oil, and looking for more,” reported Forbes in January 2020.
It is recognized by some in the oil and gas industry that an “energy transition” needs to happen, but evidence for action is often lacking. One oil major is reported to have invested $25bn into exploration in 2018, more than 80 times as much as in its carbon offsetting schemes.