But, in a new report, the agency reiterates its 2021 finding that no investment in new oil and gas would be needed in a 1.5°C world, albeit with some caveats. Shale gas is also behind much of the growth in global gas production over the past 25 years, shown by the green wedge in the figure below. The IEA report goes on to show that without continued investment in maintaining output, global oil and gas production would plummet, as shown in the figure below. The Financial Times said the IEA report illustrated the “costly battle” facing the oil-and-gas sector if it wants to maintain current output. The new report, thus, reiterates the IEA’s previous finding that no investment in new oil and gas would be needed if the world got onto a 1.5°C path.