Spending in the global oil and gas industry will settle around 2023 levels, while expenditure in low-carbon sectors such as wind, solar and geothermal is expected to continue expanding through the years. When comparing low-carbon sectors to oil and gas, the flow of capital towards the energy transition is clear. Despite a renewed appetite for natural gas, capital expenditure in the oil and gas industry will remain flat in the coming years as companies sanction fewer projects towards the second half of this decade.