The grunyan are running by the way who your grunyan is what have you never you've have you never done a grunyan run? I don't want to talk about your grundle. What do you know a grunyan run grunyan? Yeah, the grunyan I don't know what a grunyan is. Oh my goodness. You've been in LA. How long you've never gone with us on a grunyan run. I Don't know the grun. Oh my goodness the grunyan. They are they're a fish.  That's a really fun thing to go do to go grab the grunyan when the grunyan are running Happening I've been going to see the grunyan runs since I was in junior high school Don't grab somebody's grunyan without their consent consent I'm holding my grunyan you can follow us on Instagram Twitter for more juicy content. Thanks. I've made sure Because a certain time At certain times of the year my grunyan sticks up whoa Today and you can pull it out of the sand today Today we got a bear grills a new bear girl shut up and he's with another Bollywood actor Run veer run veer And it's a perfect person to have go with bear grills No, you could have just ended at the perfect person. We all know it. Yep. There's zaddy Shroft and then there's hotty ren beer Anyways, but yeah, this is a little I think the little trailer for it. I don't know We miss we haven't seen the oxy one yet. We haven't seen the oxy or the Rajnikant one I don't know when they come out like they they come and then I We just need to look it up. I'm sure we could find it absolutely, but awesome anyways Ren veer will obviously be a fun one to watch with I haven't seen a bear girls honestly episode in then this one for sure They're gonna push the envelope because I guarantee Renvier was like I'll do whatever the heck you want to do and bear was like, okay, great This is somebody I can push the limits with clearly The bear grills or no Netflix whoever is running their program is going heavily into the Indian market as they should As is I remember it was bear girls always really popular in India like was Okay, yeah, like when we first met that was some of the things we talked about getting know each other And I think it was close to that time. We were doing the bear grills. She was like, yeah, of course We know who bear grills is good. Yep. Here we go What What even is that It's either one of two things It's either I have no idea so Does he actually do the Obviously he was doing some of that stuff like yeah and stuff like that, but it doesn't look like he he's actually surviving. It's like this Interactive Like does the moment come up where you get to side you get to decide if he goes down the rapids or goes and does the zipline and you make The selection and the most popular votes determine which way he goes and they filmed both and they're just gonna show you one Or is it actually live while he's doing it? I'm assuming that they filmed out. I'm a feeling it's filmed. That's a weird Way to do the show though. Yeah, it is and like Him with the bear that okay, so it's train bear train bear staged. So yeah But that's where it would kind of pull me back because what one of the things I like about bear grills is yeah I know a lot of it. There's supervision and things of that nature, but I just like the fact that you're going out into the wild and just spending time of being handed around the campfire at night and Getting a sense of what it's like to be out in the wild for three days versus doing Stunts in the wilderness as it were um So help clear up our confusion. Yeah, cuz I don't know what I don't know what this is Yeah, the only bear grills things I've ever like I think they was leaving that way with the oxhie and the no It's always been just go with bear and survive for three days. Yeah, just do what bear does do what bear does for three days I've never seen this an interactive thing That makes it with a clearly staged moment. Yeah, you know, yeah I don't know. It's obviously stage It's clear obviously that if that's just it maybe they're just trying to do something different But also, I don't know why you would need to do something different I know this show people just people watch the show not to interact with it because they want to see you survive in the Wild yep, he started by teaching you survival skills. That was the whole point of what bear did. Yeah was he's basically Britain's version of the Navy seal and was teaching you how to survive in the wild if you were in I actually have Remembered and retained a lot of the things I've seen bear do in the wild for survival skills. Oh, really? Oh 100% yeah Yeah, I haven't obviously been watching in a while So you guys can tell us if like the show I would know if I need to hydrate the best thing for me to do if I can't find Anything that to drink is to get an eyeball Well, so Loaded with liquid.  I'm never really no one thinks the show is like totally like no no no And then oh he could die. They're not even with bears Never just a hundred percent out there doing his thing. He knows what he's gonna be doing He has people there if there's an emergency, but he does have the legit survival skills Like I said, he's obviously I'm assuming UK's version of a seal Ranveer going in the rapids obviously I'm doing the line sure It's just I've got to make him eat stuff. I just don't get the interactive me too. I don't get that either It's like I don't get the appeal of it. I was like cuz I Just just do it. I know it's fake and if it's the choose one and you'll make them do it Well, we know he did both because you wouldn't have the options there unless this was live So yeah, yeah, I don't know. It's just a strange option. I agree. I agree. I Was hoping just to watch Ranveer in the wild with bear for three days Maybe that's what it'll be. Who knows? I it's the interactive thing. That's for me. Yeah, it's just I just wanted to see Ranveer Yeah, hang it with bear. Yeah, and you added some something that I just don't know if that's needed No, especially if it's gonna be over the top like Let Ranveer get chased by a bear Okay guys, I Know it's a we know it's a train bear train bear that you get for movies Did you know Leonardo DiCaprio was really it was a real bear. It's a real bear That is one of my favorite moments ever in motion picture history. I remember watching that scene if you haven't seen it watch the Revenant because it's a great film Alejandro in your eat to directed it all natural lighting and The Capri won an Oscar although he Checks that notion I do and Tom Hardy is Tom Hardy. So That's just it's a great great movie with one of the most legendary moments between an actor and a bear ever captured on film they have intercourse and Talk about survival like crew I Had real issues with in your eat to and what they had to go through. Oh, yeah And also he talked about climate change because they went to places specifically for the ice and the cold and when they got there there wasn't any They had to fight to find places because the places they went to in scouted when they went back the one Nanny They should check the weather Damn it That's all it was, huh? Anyways, it was the time of year.   Yeah, what you normally do. Let us know down below


Let me get a look here guys. How far is the throw so far? 25? The furthest throw so far. 26 and a half behind the back. Gotcha. So that is the med ball throw.


Welcome to the launch of the International Energy Agency's new special report on the oil and gas industry in net zero transitions. I'm Jethro Mullen, head of the IEA's communications team, and I'm joined today by IEA Executive Director, Dr. Fatih Birral, and by the lead authors of the new report, our Chief Energy Economist, Tim Gould, and the head of our Energy Supply Unit, Dr. Christoph Maglade. During today's event, Dr. Birral will make some opening remarks, and then Mr. Gould and Dr. Maglade will present the key findings of the report. We'll then take questions from journalists. For the journalists taking part in this press webinar, we invite you to send your questions via the Q&A function in the Zoom. You can do this at any point during the presentation, and we'll also take a two-minute break right after the presentation for you to answer your questions. With that, I'll pass the floor to our Executive Director, Dr. Birral. Thank you very much, Jethro, and greetings to all the colleagues from the IEA headquarters in Paris.  We would like to have a productive discussion on this crucial topic, and we believe this topic requires a solid evidence-based discussion and a dispassionate analysis, and it is what we hope to provide with this report. I would like to thank, just before starting my remarks, my colleagues, Mr. Tim Gould and Christoph Maglade, and their colleagues very, very much for this extremely important report. Some of you may remember that last year, before the COP 27 in the Sharma Sheikh, we came up with a report on coal, the coal in net zero transition. This year we are coming with this very report. Now this report comes exactly a few days before the COP 28 in Dubai. We are at the IEA discussing with the oil and gas industry, with the leaders, with the ministers from the oil and gas producing countries, and we made this report with the hope that it will provide some input for the considerations of the oil and gas industry leaders. From our point of view, their colleagues' base and all the discussions we have been going through in the last few months, and if not years, COP 28 will be a moment of truth for the oil and gas industry. It will show whether oil and gas industry will be the partners of the fight against climate change or not. So simple in our view. And this report is, of course, we just published only a few days before COP 28. But when you have the chance to go to the report, you will see that it can well serve as a reference for the world to review the steps oil and gas industry will take or not. So when we look at the situation today, the oil and gas industry and the clean energy and our climate challenge, the starting point is not very encouraging. At least we think so. Just give you one criteria what we think it is not a very encouraging start. This year, all the clean energy investments in the world, all of them put together, is about 1.8 trillion U.S. dollars. And the source of financing comes from governments, from industry, from investors in many, many different places. And the share of oil and gas industry in the global clean energy investment is less than 1 percent, just to put the things in a context. And this is, therefore, we believe it is important to put the numbers on the table vis-à-vis what we are hearing from the leaders of the oil and gas industry in terms of their position and the issue of climate change. So what could be from the IEA perspective of the oil and gas industry's response to the climate crisis? We hope that this will be documented and confirmed by the oil and gas industry leaders in a few days in COP28, where it takes place in the Middle East, a major oil and gas producing region. So what are the answers that the oil and gas industry can give? And we have, in fact, two areas we would like to highlight what the answers could be. And they are all, as we do at the IEA, base on numbers. One of them is we hope to see that the oil and gas industry, first of all, reduce the emissions from its own operations when the oil and gas industry gets the oil and gas out of the grant, processes it, and delivers to the consumers. During these operations, a lot of emissions go to atmosphere, both carbon dioxide, methane, and the others. And these emissions put together account about 15, one-five percent of the global emissions. It's because the emissions, total emissions of United States today. And those emissions, including the methane emissions, we know that they can be fixed rather easily, quickly, and in many cases, in a cost-effective manner. So therefore, our first suggestion to the oil and gas industry is commit yourself in Dubai to reduce your own emissions from your own operations by 60 percent by 2030, which would put them in line, their own emissions from all operations in line with the Paris scores. So this is the first one, and I think this would give, if they commit to that, this would give an entry ticket to be part of the genuine partner in our fight against climate change. But I see that there is other role, we believe, that part of the answer of the oil and gas industry would be that those industries embrace the clean energy economy emerging. So this is the second answer we suggest. What is that? When we look at today in a clean energy world, there are technologies which overlap with the experience, with the skills of the oil and gas industry, what they have been doing years and years, such as offshore wind, such as hydrogen, such as biofuels, bio-methane, carbon capture storage in some areas, EV charging. So these are areas that the oil and gas industry can make major efforts, especially in terms of their investments. So what my colleagues did, I think it was a heroic work, a lot of data mining. They have found out how much today of the total capital expenditure of the oil and gas industry goes to clean energy options, and the number is rather disappointing. Today only 2.5 percent of the total capital expenditure of oil and gas industry goes to clean energy. In my view, dear colleagues, these 2.5 percent contradicts significantly this share, this model's share, with the share of clean energy statements coming from oil and gas industry. And therefore, we suggest again in our report that if the oil and gas industry wants to be a real, genuine partner to address the climate change, climate crisis, it's a problem of all of us, we think this 2.5 percent by 2030 reaches about 50 percent, 50 percent as an inspirational target for the oil and gas industry. So from our point of view, these are two answers, two areas that the oil and gas industry executives, the government leaders of oil and gas producing countries may think and may take some action. Before finishing my words, I mentioned what the answers would be, and if I may, I want to mention what is not the answer. Now, today we see that some people say there is no contradiction between oil and gas trans continue as they are, and at the same time, we can bring down emissions in line with our climate targets. They say the solution is carbon capture and storage technology. So from our point of view, carbon capture and storage is an important technology, and it can play an important role in certain applications, certain sectors such as cement, such as iron steel and others. But to say that the carbon capture and storage technology would allow the oil and gas industry to continue with the current oil and gas production trends, and at the same time bring the emissions down in line with the Paris target is, in our view, is a pure fantasy. We have calculated that in order to reduce the emissions, capture the emissions from the current oil and gas production trends in the future, and bring it to emissions in line with our climate targets, true CCS would require a significant amount of annual investments. It is about annual investment for CCS in that case would be about 3.5 trillion US dollars. If you want to know today, this year, which is a good year for CCS investment, this year the CCS investments were about four billion. So we are talking about an increase of investment CCS, a factor of almost 1,000, 1,000. So this compares when we say the renewable capacity needs to increase by 3 times, efficiency by 2,000, many people thought they were really not realistic numbers, but here we are talking about the increase by a factor of 1,000 in order to make oil and gas production compatible with our climate targets. So this is just I wanted to mention to you, but again, we are at the IEA, we believe that the clean energy progress will continue with or without oil and gas producers. We hope it is together with oil and gas producers, but it will go even without them. It will be bumpier, the road, and maybe a bit more costlier, but it will still continue because clean energy progress is unstoppable when you look at the numbers. We believe this special report shows a fair and feasible way to oil and gas industry to be real partners of the entire world to address our climate challenge. I would like to once again thank my colleagues Tim Gould and Chris of McClade and their teams and I am now going to give the floor to Mr. Tim Gould, our chief energy economist, to take us through some of the very interesting and key findings of our report. Well thank you very much indeed, executive director. We've mentioned already the oil and gas industry, so what I would like to do is first to say a few words about what that industry is and what it looks like, because certainly when we consider oil and gas companies, we might have different things in mind when we consider what they are and what they do. For many, the first thing that people think of is maybe one of the international majors, seven large, mostly integrated oil and gas players that we hear about a lot in the news, but as you can see on the screen, they're only one part of that picture and indeed they're not even the largest part, they account for less than 13% of global oil gas production but also of reserves. Much bigger contribution comes from national oil companies around the world, more than half of global output and well over half of global reserves as well and they can be national oil companies that have a domestic focus or they can be internationally focused and if we look at the, break that picture down into the actual composition of the oil and gas industry, you can see that in some cases those national oil companies are considerably larger in size than the majors and there are even some elements of the oil and gas industry that are not represented here on the production side, traders, refiners, oil and gas service companies as well. This is an industry that produces around half of global energy supply and it's indeed an industry that's responsible through its operations and its products for around half of global energy emissions and company circumstances and capabilities are different. This is a diverse industry and we'll get into some of that diversity in this presentation and there's a lot more in the report itself. But one thing that applies across the board is that the sorts of changes that we see coming in the global energy sector are affecting all parts of the industry so all elements of the industry will need to consider how to respond. We should also remember that the oil and gas industry is central to some very large flows of money of revenues around the world and we've had some large swings in recent years with the COVID pandemic and with the global energy crisis in the last couple of years but since 2018 if we look at average amounts the industry has generated around three and a half trillion dollars in revenue on average every year. Where does this money go? Around half went to governments where it helps to fund a range of government services and in some producer economies, Iraq is a good example, that is really the overwhelming source of government revenue. Very substantial share in overall government really, well above 90% in some cases. A share you can see went back to shareholders via dividends and share buybacks and net repayment of debt and there's also this revenue funds oil and gas company investment and the lion's share of this goes back into traditional areas of supply. I'd like to draw your attention to a small green square on the bottom right hand corner of the screen that is the amount that currently goes back into clean energy investment and the sorts of transitions that we'll be talking about today introduce strong pressure on these revenue streams and that's going to have profound implications not only for the industry but also for governments shareholders and financial actors. Many of you may remember that a few weeks ago we launched the new IEA World Energy Outlook and in that report we analysed the momentum behind today's clean energy deployment and concluded that that momentum is strong enough to bring about peaks in demand for all of the fossil fuels for coal, for oil and for natural gas but as you can see on the screen the declines on the other side of that peak if we look at today's policy settings are relatively shallow and that does lead us into very dangerous territory from a climate perspective. We are at 1.2 degrees Celsius of warming above pre-industrial levels on average around the world already and we're seeing the impacts of that. That stated policy scenario would be consistent with another 1.2 degrees of warming by the end of the century to get us to 2.4 degrees Celsius above pre-industrial levels. So the question that the executive director has posed and the question we ask in this report is will the oil and gas industry be partners in moving beyond that outcome in moving us towards scenarios that are consistent with national energy and climate goals as in the announced pledges scenario or with a 1.5 degree stabilisation in global average temperatures as we analyse in our net zero emissions by 2050 scenario. And you see here the sorts of changes that would be required to move us beyond that outcome the direction of travel we are on today. Electrification in the case of bringing down oil demand is an absolutely key technology so by 2050 in the net zero emissions by 2050 scenario 95% of the cars on the road are electric but there are also areas like low emissions fuels, biofuels, ammonia, hydrogen in some cases that help move us in that direction. And the picture is then a similar one for natural gas you reach a high point in the stated policy scenario towards the end of this decade but then there's a flattening and it's a question then about the industry engagement in moving us beyond that kind of outcome towards the sorts of outcomes that we have in the other scenarios that meet net zero transition goals. And some expect gas to play a more durable role in transitions because it produces fewer emissions than oil or coal and that's certainly true in some sectors, in some countries, in some timeframes particularly among some developing economies but net zero transitions ultimately mean tackling all sources of emissions including those from natural gas and the sorts of changes that then bring down natural gas demand, renewables in the power sector, electrification of heat, efficiency improvements across the board but also some molecules in there, low emissions gases, biomethane we think has important potential and of course in there as well are gases like low emission hydrogen and this has implications then for the supply side for the investments that we need and on that I pass the floor across to my colleague Christof. Thank you very much Tim. As Tim just mentioned we don't have zero oil and gas demand in 2050 even in a scenario that limits the temperature rise to 1.5 degrees and this means that investment in oil and gas supply also doesn't need to drop to zero. In fact as we can see if all investment were to stop in oil and gas supply the declines we would see in supply would exceed the declines even in a 1.5 degrees world but the levels of oil and gas investment that are needed are far lower than what we see today. This year we will see around 800 billion dollars invested into oil and gas and this is double what's required in 2030 on a pathway that limits warming to 1.5 degrees and this is because the declines in demand that we see mean that we do not need any new long lead time upstream oil and gas projects from today. A large number of projects have been approved in recent years since Russia's invasion of Ukraine and other developments but that means that because demand declined so sharply some existing sources of production would need to be shut in. In 2040 for example more than 7 million barrels per day of oil production is pushed out of operation before the end of its technical lifetime. And we often hear producers arguing that it should be them that produced the last remaining volumes of oil and gas in 2050. Some make the case that they have the lowest production costs, others claim they are a better option for energy security, some highlight that they have the lowest emissions intensities, others that oil and gas developments are needed to improve welfare. And there's a large number of reasons that producers can make on why they should be the last ones standing. But they can't all be right in a net zero world. In the demand environment of the net zero scenario any new oil and gas resource developments need to be matched by reductions elsewhere if we are to avoid oversupply. So companies and countries looking to undertake new resource developments need to explain carefully how their plans are valuable within a 1.5 degree pathway and be transparent about how they plan to avoid pushing this goal out of reach. If we look on the supply side at our other scenarios in the announced pledges scenario, the declines in demand are not so sharp and new project developments are needed. However, in this scenario it's possible to bring on enough new supply with the oil and gas volumes that have already been discovered. So in other words, if countries achieve the net zero targets that they have set themselves then in aggregate there's no need for further oil and gas exploration. In this data policy scenario, despite that peak in oil and gas demand before 2030 investment in new and existing sources of supply is essential. So how should the industry respond to these different futures? There's one element that must be in every single company transition strategy no matter what the future and that's reducing emissions from their own operations. As we heard from the executive director, extracting, transporting, processing oil and gas today results in around 15% of global energy emissions. And to align with the 1.5 degrees scenario, these emissions need to be cut by 60% by 2030 and soon off to 2040 the emissions intensity of oil and gas operations would be very close to zero. These reductions need to be achieved without any use of offsets or carbon credits and tackling methane emissions must be the top priority. But methane is not the only thing that needs to be done. Reducing flaring, electrifying facilities, using low emissions hydrogen and CCS are all key. Those reductions in emissions are a necessary step for oil and gas producers to be taken seriously in climate discussions but there's more that they need to do. They also need to embrace the clean energy economy. Clean energy investment by oil and gas companies has certainly been growing in recent years. Last year it invested about $20 billion double the level of 2021. But we should put this into context. To date, the engagement by the oil and gas industry in clean energy has been minimal. Only 1% of all of the clean energy investment today comes from oil and gas companies. The industry can play a much greater role in this and as many opportunities that lie ahead. If we look at the final energy that is used today by consumers, around three quarters comes from fuels and around 20% is from electricity. In our net zero scenario, electricity is set to take a much greater share, growing to about half of that final energy consumption in 2050. But fuels don't disappear. And we estimate that in 2050, about 30% of the energy consumed in 2050 in a 1.5 degree world would come from clean technologies that could benefit from the skills and resources of the oil and gas industry. Hydrogen, carbon capture and storage, offshore winds, biofuels, bio methane and many others. These are technologies that could benefit from the inputs of the industry, from its knowledge on how to handle large volumes of oil and gas, of liquids and gases, the technical and operational expertise that it has and the experience it has in developing and managing multi-billion dollar projects. And we estimate that in total, around about 2.5% of the capital spent by the industry today goes towards clean energy and that could rise to 50% if the industry gets on track with 1.5. Of course, it's not automatic that oil and gas companies must invest in clean energy. Some companies may decide that their expertise and advantages exist only in oil and gas. But if they make that decision and they want to align with climate targets, this means winding down traditional operations over time. The uncomfortable truth is that net zero transitions mean lower demand for oil and gas. And that means scaling back on oil and gas operations. And I'd like to finish with a few words on producer economies. Those countries Tim mentioned that rely heavily on oil and gas sales for their national budgets. The prospect of falling oil and gas demand adds a new dimension to the need for these countries to diversify their economies. If we look at a selection of the 10 of the largest established producer economies, we see going forward their populations expanding considerably over the period 2050, yet income from oil and gas would fall by around about 70% in our announced pledger scenario and by as much as 90% in our net zero scenario. This would create a powerful incentive to accelerate the pace of reform in these countries while also draining a source of revenue that could finance it. But there's two important things to note here. First, today's producer economies retain some advantages even as the world moves away from fossil fuels. They have ample underutilized renewable energy resources and they could leverage these to create new low emissions industries and new positions in clean energy supply chains. And secondly, successful transitions are collaborative ones. It's incumbent on consuming countries to work with producing economies to help them achieve the changes that are necessary. For example, consuming countries must send clear and unambiguous signals on a direction and the speed of transition so that producers can make informed decisions on their future spending levels. We sometimes hear that transitions can only be led by changes in demand. Some argue that when the energy world changes, so will we. This is not an adequate response to the immense challenges that are at hand. But we also can't just focus on reducing fossil fuel supply. This would come with a heightened risk of price bikes and market volatility. What's clear is that dialogue across all parts of the oil and gas value chains are essential to deliver an orderly shift away from fossil fuels. As the executive director mentioned, the net zero transition can for sure happen without the engagement of the oil and gas industry, but that journey would be much more costly and much more difficult to navigate if they're not on board. Thank you very much. Thank you, Christoph, for the presentation and of course to Tim Gould. So we now have time to take some questions from journalists. We invite the journalists in attendance to send your questions through the Q&A function of the Zoom, if you haven't done so already. And please mention your media outlets along with your question. So we'll now just take a two minute break to give you a chance to enter your questions and we'll be right back. Hi, everyone. Welcome back. So we're getting a lot of questions, which is excellent. We're trying to cover as many of them as we can. We're going to start with some questions around the investment issue. So one question is, has this new report led you to rethink the finding from your net zero roadmap that no new investment in oil and gas supply is needed in reaching 1.5 Celsius? And on that note, Natalie Alonso from Agence France Press asks, what do you think of the fact that companies have continued to approve projects with final investment decisions despite your recommendation of no new oil and gas projects back in 2021 when the first net zero roadmap was published? I think Christoph Maglade is going to take those questions over to you, Christoph. Thank you very much, Jethro, and thank you for the questions. When we released the net zero roadmap in 2021, one of the key findings from that report was that with a huge surge in clean energy investment, this would bring about a decline in fossil fuel demand. And that decline in fossil fuel demand was sufficiently sharp that we didn't require investment into new oil and gas fields. Since that report was released, a lot has happened. One of the big events on the supply side, of course, was Russia's invasion of Ukraine. And we now expect that large volumes of gas from Russia will become stranded and won't be able to find markets. But in addition to that event, we have also seen companies approving a large number of fields, new projects around the world. We of course update our scenarios every year. This is essential to make sure that our scenarios are grounded in real world conditions and make sure that we are always reflecting the latest developments in the world. What this means, this level of new approvals are such that with the declines we see in fossil fuel demand, we are now in a situation where in the 2040s we have more oil and gas that is needed on the supply side compared to demand. And that implies that if we are to reach the 1.5 degrees trajectory, if we bring about again this surge in clean energy investment to bring about reductions in fossil fuel demand, that some of those higher cost projects would need to be shut in. Around about 7 million barrels per day of oil demand would be surplus to requirements. And close to 600 billion cubic meters of natural gas in aggregate would be surplus to requirements. As things to continue to develop, we'll of course continue to update our scenarios. But this is a worrying sign that we are not yet on track for 1.5 degrees and much more needs to be done. Thank you, Christoph. So we're really getting a lot of questions, which is excellent, but also a challenge for me. So I'm going to cram as many of them as I can in for our colleagues to answer. One is from Jack Dutton from Almonito. He's asking what can the state run oil companies in the Middle East be doing more of to meet climate targets? The Aramcos and the ad nox of this world, especially in light of the CEO of ad nox holding the COP28 presidency this year, what steps must they take to help the industry meet the Paris goals? And how can they use their influential position to spark meaningful change in the fossil fuel sector? So there's that question. And then there are a couple of questions around collaboration, which is an important finding from the report. And one from Polita Clark from the Financial Times, you say collaboration is essential to give producers a stake in the clean energy economy. What is a concrete example of what that collaboration should look like? And is there any meaningful example of it happening today? And similarly, Teresia Erickstad from, from Norway and from DN in Norway asks, how can producer and consumer countries cooperate in practice to reduce supply for to reduce supply and demand for oil and gas, sorry, sorry, that's from the Norwegian business daily. And in that theme, Stanley Reid from New York Times is asking, it seems like such a diverse group of companies is unlikely to act in a unified way. Isn't the most important thing for government's consumers to provide rules and incentives to accelerate the energy transition. And so it's quite a big bundle of questions that I'm going to pass over gently to our chief energy economist, Tim Gould, I think to at least address as much of that as he can. There's a few, few interlinked elements there that hopefully Tim can can have a go at over to you. Thanks very much, Joshua. And thanks very much for the questions. So at the start of the presentation, I tried to make the point that there are some really big players in the oil and gas space, the national oil companies, and they can play in our view, a very important role going forward. And as is highlighted in the question, the UAE, where ad knock is based, is going to be hosting the COP 28. So I think it's it's, it's a legitimate expectation that these companies could and should be doing more. I think it's first of all, to have in mind that there's a very broad range of national oil companies out there with different strengths and different financial means and different circumstances. But companies like Saudi Aramco or adnock, they have a very important leadership role there. They can really set the tone for what is possible, what's on the agenda. And then brings us back to some of the issues that the executive director mentioned in his opening remarks, a sort of non negotiable element in this is the dealing with companies own emissions. And I think it's a legitimate expectation that on that issue, we should see some significant move forward at COP 28, because the UAE has the ability to mobilize a broader coalition of companies to engage in a meaningful way with clean energy transitions and the Paris Agreement. But as we've also made clear in the presentation, our ask of the industry goes beyond that. And so that brings us also then to the incentives, the collaborations that can take place more broadly across the clean energy space. Now some of that is also related to methane. It would help, for example, if big importing countries attached value to low demonstrably lower emission sources of oil and gas, that would help to incentivize the measurement, the emissions abatement opportunities that we see. And there is also good examples, I think of collaborations that could take place in setting up new clean energy value chains. It will be important, for example, for importing countries, but demand sectors in general to provide an anchor for new production of low emissions fuels. And in the most recent hydrogen review that the International Energy Agency released a few months ago, we made it clear that there's much more, there's many more projects out there to supply hydrogen than there are to use it. So if we can anchor demand, that will provide strong incentives for then producers to move into some of these new areas. And we also see plenty of opportunities for technology collaboration, because it is true that also in the Middle East, we see some promising pilot projects, demonstration projects, but also real industrial projects that deploy clean energy technologies in some emissions intensive sectors. So much more momentum in that area would also be extremely helpful. And those are the sorts of areas where we see a lot of potential for governments to work together. And I've come back to something that Christof said, there is, in our view, a slightly unproductive debate about whether demand needs to lead or supply could be moving first. In practice, when you look at any, and you look at this in detail, you see that any rapid transition will require a coordinated move across different sectors, so that when a company decides to move its ships onto a low emissions fuel, you also have the infrastructure in place and you have the providers of those low emissions fuels moving in parallel so that that is a coordinated move towards a different kind of energy system. Thank you very much, Tim. And so we're going to try and squeeze in just a couple more questions. One is coming back to the carbon capture issue. And why is the IEA so negative on the prospects for carbon capture, utilization and storage to address oil and gas emissions? And then another one on referring to COP28 from Ashland Sponsor Press. What are your expectations for governments that own national oil companies during COP28? So I think our executive director will take these two last questions, Dr. Birol. Okay, with pleasure. By the way, these launches are very good for me, just I learn a lot from my colleagues from both from Tim and Christoph this time. Many thanks to them as well. Now, dear colleagues, IEA is not negative about carbon capture and storage. In fact, it's a technology that we have been saying since 20 years, needs to play an important role to address our climate change problem. Since 20 years. But when I look at the last 20 years, what happened in the carbon capture and storage evolution? It is a story of disappointment. To be frank with you, we have seen very little move. We are now seeing a bit in Europe, in Norway, for example, in Canada, United States, maybe China coming through and some Middle East countries. But what we are saying is, this is good. And CCS can be also very important. We believe in the context of the industry sector reducing their emissions, it can be cement, it can be iron steel and others. But what are we warning everybody about is the following. The several people say that we can continue with our fossil fuel trans as we have now, we will invest, we will bring them higher, we will consume them as we are doing now. And with CCS, we can at the same time fulfill our obligations to reach our climate goals. This is impossible. This is, it doesn't work, the numbers don't work at all. As I tried to mention a few minutes ago, in order to be the current trends we have in the oil and gas in terms of production and consumption, and at the same time, if we want to keep our climate goals alive, we have to each year invest under CCS technology about 3.5 trillion US dollars. This is about 1000 times higher than what we are doing today. So therefore, we want to underline this so that we don't have false hopes from a technology. And at the same time, we don't want to give this CCS is an excuse to some in order to continue by what they do, continue to do what they have been doing in the past along the same line. So this is the reason why we come up. And from our point of view, reducing fossil fuel emissions mean reducing fossil fuel use. This is so clear. And we think there is no way around that. This is the first answer attempt to answer the CCS question. So what do we expect from oil and gas industry in COP28? So we would like to see they are the partners to address climate change together. Oil and gas industry, they have a lot of skills, experience, deep pockets, they can well be part of our efforts to address climate change. There are many technologies which have affinity with the clean energy technologies, what they are working on. Our numbers show that one third of the clean energy technologies we need to reach our climate cause overlap with the skills, experience of the oil and gas industry. Then being on board will make us the world's reaching climate targets much less difficult. I should say it's only a difficult task, but we need them. It is the reason we made this report. It is an invitation to the oil and gas industry to work with the rest of the world, to help the world to bring us a in a better shape fighting against climate change. This is what we would like to see. And I know that the COP28 president, Dr. Sotan Al-Jabbar, he is talking with several oil and gas companies, executives around the world to bring them and to make some commitments. And there is a work going on that we as international agency, we will be very happy to see a commitment from the oil and gas industry, which is in line with what we have been today outlining and therefore we will be very happy to endorse those commitments and congratulate the oil and gas industry. We want them to be the part of our fight against climate change. Thank you very much, Dr. Birrell. I think that's a good place to end. And it is indeed all we have time for. We've actually gone over time to answer as many of the questions as we could. If any journalists have questions that didn't get answered during the Q&A that you'd like to follow up on, we invite you to reach out to our press office. The email is press at IEA.org and we'll get back to you as soon as we can. So thank you very much to Dr. Birrell, to Mr. Gould, Dr. Maglade. Thank you to the journalists for the great questions and to everyone following along online. Do go take a look at our website and read the oil and gas industry net zero transitions report in full available for free on the website. There's lots to explore. Do take a look and we'll leave it there. Thank you and goodbye.


and she is a developer at least years and she is like one of the developer for Jita if you are using it please welcome Thanks for the intro So I know the topic doesn't match what he told that's nobody's fault but mine but it is pretty much the same thing I'm going to be talking about performance Welcome everyone after lunch I guess you're all full I hope it doesn't bore you much So today I'm going to be speaking basically about my work at Atlassian from the past one year we have been trying to set up all our teams to be very sensitive to performance front end performance and my team was one of the first to adopt this and so that's what my talk is going to be about how to get speed as a feature in our front end teams and basically what cadence do you have to follow as a front end developer So the goal of this talk is basically what does it take to build a culture of performance sensitivity in your front end team So you all know how important performance is and there's been multiple researchers there's been multiple talks on this I think like 2018-2019 according to Google their whole focus is on performance but for me it was not the same at least my career graph I did not care about performance for the first half of my career and only joining Flipkart I was like Abhinav Rasogi told me like no jank there should be no jank in the website and that's the extent of my knowledge until then but in the past one year at least I have dealt deep into what it takes like to debug when performance issues come what do you do, how do you monitor and what do you monitor for So this talk will basically I'll talk about what all I learned during that time and what we have implemented So all of you do all work on JavaScript what do you do work on front end what is the what is the ratio most front end JS So in JS at least according to this research we all know performance is important So according to this research So this is by Tammy Edwards as part of her company her research company what they did was they slowed down Tesco's website by 500 milliseconds and the interesting thing to watch out here was that people thought that not only not only was it slow but people thought other things about the website which were related to features that they were developing they thought the features were childlike they were complicated or hard to navigate this is an important thing to keep in mind about where users mistake slowness for a badly built website badly featured website So your performance problem on your website might be bigger than what you know it's used called JIRA and it's grown up to like 100 you might have to move within teams a lot and we work both with like legacy pages the older pages that are served using JSPA should remain the same whether it's bigger scale or smaller scale So one thing that I learned working on this product is that front end performance is hard it is so hard to convert something slow to work faster and worse than that something I learned is that front end performance is fragile So it takes a whole army to build a fast website it just takes one person's mistake to slow it down for a day it is yeah and if you don't have checks and balances in place these things can slip unnoticed and gather into a big mountain which you cannot debug later like if it's loop or somebody not debouncing quite a lot of people but I still think maybe this might be useful and maybe it can be used as a point of discussion later on in my talk So I'll move to the demo now So the Chrome Profiler is basically one of the tabs in that Chrome provides as part of its developer tools So you have your, it shows your resume elements there's your source code, it shows console and so on there is a performance tab So this performance tab what this allows you to do is two kinds of recordings and I use both of them extensively So one of them I use when I want to make interactions with my website and see what kind of a JS stack I get, flame charts I get within that or this one I use to reload the page and see page load performance So let's reload the Google Chrome website the Google website So as you saw it basically knows when the page load has finished and stops profiling immediately So if you want to have a look at what this says right now I suppose this might be the most interesting part for us but even more helpful I feel at least is the screenshots that it provides on every frame here So you see that there was no activity until here and then there was a load and then you get the, then it comes back here So this page basically took from here to here to here to load something and this I feel is very, is like the highlight of Chrome Profiler for me I'm always looking at places where all the stuff that I am interested in loads and I select that much part of it So once you make the selection all of the part below it kind of molds into that selected part of it and you get more interesting data One of the, I have used basically this network tab the flame charts and the call tree here Like all the performance debugging that has been useful to me and I have been able to get some outcome out of it by using these three tabs at least So the network tab is quite interesting in the sense it shows you at the exact point of time that your scripts would have loaded Like for Google at this point you can see that the logo started loading here and then you can investigate what happened before this if this is too slow for you But I think still the most highlighted feature of Chrome Profiler is its flame chart This will help me numerous times I might be able to show you an example too So what the Chrome Profiler shows is what JavaScript it exactly ran So this can correspond to the JavaScript that you have in your code base If you are running unminified stuff it's very easy to correspond what's happening where and the longer this flame chart is the slower your call is There is something here that is holding up So the flame chart the way it works is for every call that this So this is a JavaScript call and for every function that it calls you have a step in the flame chart and a deep flame chart means that the call tree was very long So when I see a deep flame chart I basically try to go to the call tree and I try to find the most So the call tree here shows you how much time it took and what percentage of the original call it was and many a time I have found that I have been able to find expensive calls using this and been able to debug my performance problems Other than this one other thing that I find useful is these markers that the function we have and I use it extensively to debug Moving on now that we have established that it has a DOM content loaded I kind of pushed whatever I wanted to load over there to here by lowering this because the pack tree automatically lowers priority and so I had a bunch of stuff happening and some time to interact it So this I would consider as the first meaningful paint Maybe it's different for you maybe you don't need the tree there or maybe you don't need the sun maybe you just need the mountains Next step you will download and parse the JS and then your site becomes interactive and that for us is the time to interactive So these are the two most important metrics that can so on but this is to go when you want to to work with well good performance right but there are some prerequisites for this at least for me without these prerequisites our software development lifecycle wouldn't be set up for performance In case wherever I work performance I meant to staging and we use a service called LaunchDarkly and that allows us to roll out each and try and make it better and pushing up how much of the tree feature if you're not like I'll improve the performance we at least have a goal saying that you will not regress the performance and we discussed per budgets for the designer this is the hardest part so the designer wants a feature right you have to come up with the with the decision of whether it is really critical whether this feature needs to be at the beginning for the user and how much it will impact performance you need to make these at least have these thoughts in the planning phase during the development phase during development we have a cadence of performing QA demo at the end of every PR and QA demo's criteria of done will have profiling in it so in the criteria of done we will open the Chrome profiler I will sit with another developer we will open the Chrome profiler and we'll look for anomalies we'll make various interactions we'll record profile and see if something something we can catch and that has helped us like things like the re-rendering continuous re-rendering that I showed you those things have been caught in QA demos themselves we do like I said we do use synthetic monitoring so throughout the thing we are releasing to staging and running tests on that and seeing all our time to interact at least we aim that it should not increase we add new measurements new features, new measurements and we keep updating our speed index as per whatever new features we have released pre-release so this is the stage we go through because we have launched our click so what we do basically is we release we release our feature to 1% of our user which is quite huge and we try to do real user monitoring with them and we try to find any anomalies during that time and this is basically where we spend a large amount of time like we find something here and go back into development and that's why I say that real user monitoring is the winner here so once we are sure that we are not performing we are not having any regressions and things like that we move to the release stage and during the release stage basically there is a company so I think that's an important step please welcome Ateesha because mostly upon webpack and code now I will be focusing only on this code parsing part we cover these two topics very beautifully so for browser if you look javascript is the number one candidate for performance optimization so even if you are javascript is 100kb bigger than your competitor you need to fix it you need to have some sort of mechanism to load different way or probably don't load that feature because that is the number one browser takes time to parse javascript and people are sitting a lot unused code we will see now these should be the goals 200kb looking why these seem very unrealistic like 90% of the code coverage if anyone has looked at its code coverage is anyone doing 90% of the code coverage is anyone here or you are doing so anyone have used this version 4 of the webpack which was released previously which is probably not need to split the code so now code splitting concept of code splitting GWT then webpack is using the same fundamentals from the GWT and it is building on top of it just to now showcase the code so the thing which I showed you my screenshot of the functionalities which I am serving so webpack takes this as its starting point so that is my router if you are using React it would be like similar to your React router or maybe any json router webpack starts to look into this figures out that let's say my listing is dependent upon these are my child so I only need to parse these children when I am going to a listing page and similar is with other so let's say you are on you can configure what it does is it tries to find out the chunks or the import statement which are common in these two modules and if these chunks are lesser than a given threshold which depends upon your configuration you can say today my bundle sizes is 1400 MB so I am not targeting that I will go to 200 kb straight away I will say that in two months time I will be reducing 200 kb and I put a hook in my PR so if someone is submitting a PR and he is increasing the bundle so it is his responsibility to just maintain that 1200 kb so once I achieve 1200 kb then I will figure out from 1200 to 800 what optimizations I can do to go from 1200 so this is something which you can do and there are various tools which claim that they are supporting this but to be very honest I have looked into all the tools nothing is giving code splitting they are formulating the name in some different way it says that we are supporting splitting with the people thanks a lot we have 9 minutes left again all the tools are not very 100% you have to do is to figure out so I will give you we were using still we are using moment js many people would be using moment js so it is it routes on itself and you look at the output these are in react router I am defining the router you write it write dynamic inputs there yeah so I use the json router instead of using that router what I did was I put that all my routes in radux is known itself simple json mapping and then there is a loader which is available radux json route loader which you can tell webpack to initially you can do that router and then figure out what are all the dependencies in between yeah thank you do you plan to do it? I will call him