Shell has a three-year target starting in 2019 to reduce its carbon footprint by 2 to 3%, while ExxonMobil has invested $ 9 billion over almost two decades in low-emission energy solutions.
It adds oil and gas companies, with their "extensive know-how and deep pockets", can play a crucial role in accelerating the deployment of renewables such as offshore wind, while also investing in carbon capture, utilisation and storage as well as hydrogen.
"To date, approximately 15% of global energy-related greenhouse gas emissions come from the extraction of oil and gas from the ground and from consumers".
Many respondents expect low oil and gas prices to prevail, while the cost of renewables is expected to continue falling over the next 30 years, making those energy sources increasingly competitive, DNV said.
The report comes as world leaders, executives, and financiers - including some of those running the most powerful energy companies - gather this week in the Swiss town of Davos for the World Economic Forum's annual meeting.
"Our research shows that the oil and gas industry has placed decarbonisation at the centre of its agenda and it will remain a priority despite uncertainty from volatile market conditions and stalling expectations for industry growth in 2020", said Liv A. Hovem, chief executive of DNV's oil and gas division.
Some companies have spent as much as 5%, but "there are few signs of a large-scale change in the allocation of capital needed to put the world on a more sustainable path", he said.
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It found that "the industry can do much more to respond to the threat of climate change".
It wasn't immediately clear which specific companies IEA would review and how the process would work, but the report includes all global oil and gas companies and most big state-owned ones.
The oil and gas industry is estimated to account for more than half of the global greenhouse gas emissions associated with energy consumption, with some research suggesting that the sector is responsible for as much as 71% of global Carbon dioxide emissions.
It suggests stepping up investment in fuels such as hydrogen, biomethane and advanced biofuels, with these low carbon fuels needing to account for around 15% of overall investment in fuel supply if the world is to get on course to tackle climate change.
"A large part of these emissions can be brought down relatively quickly and easily", said Birol. If investment in existing oil and gas fields were to stop completely, the decline in output would be around 8% per year. The stakes are particularly high for national oil companies charged with the stewardship of countries' hydrocarbon resources - and for their government owners and host societies that typically rely heavily on the associated oil income.
The agency hopes to create a way to quantify what the companies are doing to reduce emissions, Axios reports.
The report highlights the important role that public oil companies, such as Saudi Aramco, which account for well over half of world production and an even larger share of reserves, must play.