Oil and gas industry needs to do more to address climate change

Photo: The Canadian Press

A flare stack lights the sky along refinery row in Edmonton Alta.

A report by the International Energy Agency says the oil and gas industry needs to increase its efforts to address climate change.

The report says failure by the industry to respond to the growing calls to reduce greenhouse gas emissions could threaten its long-term social acceptability and profitability.

Some companies have taken steps to address climate change, but the report says the industry as a whole could do more.

It says 15 per cent of global energy-related greenhouse gas emissions come from getting oil and gas out of the ground and to consumers.

The report says a large part of these emissions can be brought down relatively quickly and easily.

The report was produced in co-operation with the World Economic Forum and will be presented at the organization's annual meeting in Davos, Switzerland, on Tuesday.