Natural gas investment would continue even in a future scenario where all nations meet their emissions reduction pledges, the International Energy Agency (IEA) said in a new report on the role of oil and gas companies in a changing energy landscape.

The report, titled “The Oil and Gas Industry in Net Zero Transitions,” was peer reviewed by executives at BP plc, North America’s top natural gas marketer, ConocoPhillips, TotalEnergies SE, ExxonMobil and officials and academics in the U.S. Department of Energy, Rice University’s Baker Institute and Columbia University, among others.

“Continued investment in oil and gas supply is needed in all scenarios,” authors of the report said. They also said that “the unplanned, chaotic or premature retirement of some existing...