The International Energy Agency’s stark position that new oil and gas development must immediately stop to meet global climate goals could boost momentum for governments to restrict fossil fuel production and cause investors to cut off funding for such projects.
“This will strengthen the political argument in many countries for restricting the growth of new oil production,” Bob McNally, president of Rapidan Energy Group and former oil official in the George W. Bush administration, told the Washington Examiner. “It’s going to raise the regulatory risk and scrutiny on oil companies and investors that plan to develop new oil fields.”
