The oil and gas sector, one of the major emitters of planet-warming gases, will need a rapid and substantial overhaul for the world to avoid even worse extreme weather events fueled by human-caused climate change, according to a report released Thursday.

       The current investment of $800 billion a year in the oil and gas sector will need to be cut in half and greenhouse emissions, which result from the burning of fossil fuels like oil, will need to fall by 60% to give the world a fighting chance to meet its climate goals, the International Energy Agency said. Greenhouse gases go up into the atmosphere and heat the planet, leading to several impacts, including extreme weather events.

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       The IEA’s report comes just ahead of the United Nations climate conference, or COP28, which begins next week. Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. But others say the sector needs to be at the table to discuss how to transition to cleaner energy.