Energy security at risk due to climate change ‘misconceptions’: KAPSARC

RIYADH: Climate change misconceptions are leading investors to turn away from the oil sector in what is a threat to energy security, according to a report released by King Abdullah Petroleum Studies and Research Center.  

The report noted the oil industry has been facing investment issues since 2014, but it showed signs of recovery in 2017. 

However, the 2020 COVID-19 outbreak saw investment drop to its lowest in the last decade — with the recovery the following year still at around 25 percent below pre-pandemic levels.