The International Energy Agency (IEA) urges a drastic transformation of the oil and gas sector, emphasizing a required 50% cut in the current $800 billion annual investment and a 60% reduction in greenhouse gas emissions. This plea precedes the United Nations climate conference (COP28). The IEA’s report stresses the industry’s pivotal moment and calls for profound decisions on its role in the global energy sector. Acknowledging the sector’s responsibility for over two-thirds of human-related greenhouse gas emissions, the report urges oil and gas companies to explore revenue alternatives in the clean energy economy.