Oil and gas think better and slow the pace of their energy transition

Energy-related CO₂ emissions continue to reach new highs, underscoring the persistent dominance of fossil fuels in the global energy mix
The oil and gas industry enters 2026 facing a marked change of pace in the energy transition. Despite recurring climate catastrophes, such as unprecedented wildfires and extreme heatwaves, and constant calls for emissions reductions, the pace of the global energy transition is stalling.

Energy-related CO₂ emissions continue to reach new highs, underscoring the persistent dominance of fossil fuels in the global energy mix, according to data and analytics firm GlobalData.

The “Energy Transition in Oil and Gas” report highlights that major oil and gas companies remain committed to reducing their carbon footprint as part of a transition to low-carbon business models. However, while many companies maintain their ambitions of net-zero emissions by 2050 and interim targets for 2030, their strategies have become increasingly cautious, conditioned by market volatility and policies.

Ravindra Puranik, Oil Gas Analyst at GlobalData, says: “Over the past 12 to 18 months, the industry’s much-publicised energy transition momentum has largely remained in the initial phase of limited discussions and pilot projects, rather than materialising on a large scale. The post-2022 energy disruption and supply-related concerns have dampened the sector’s interest in a radical change in the energy matrix.”

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