Global energy companies will likely need to invest in developing new oil and gas fields until at least mid-2030 to meet energy demand and avoid soaring prices, France’s TotalEnergies said. According to Interfax, in the short term, the trajectory of global energy demand does not meet climate change goals due to the global economic recovery from the coronavirus pandemic.

It is noted that the recent surge in oil and gas prices has increased the importance of energy efficiency issues in many Organization for Economic Co-operation and Development (OECD) countries.

“The current crisis should be an opportunity to strengthen and consolidate energy conservation and efficiency measures, as they are the fundamental basis of any scenario for achieving the goals of the Paris Agreement,” MarketWatch quotes the company as saying.

Total believes the transition to greener fuels will require increased spending, with investment in low-carbon energy expected to double by 2030 to $1.5 trillion a year.