Major oil and gas companies have invested $50bn (£40.6bn) in fossil fuel projects that undermine global efforts to avert a runaway climate crisis, according to a report. Since the start of last year, fossil fuel companies have spent billions on high-cost plans to extract oil and gas from tar sands, deepwater fields and the Arctic despite the risks to the climate and shareholder returns. Carbon Tracker, a financial thinktank, found that ExxonMobil, Chevron, Shell and BP each spent at least 30% of their investment in 2018 on projects that are inconsistent with climate targets, and would be “deep out of the money in a low-carbon world”.
Guardian 6th Sept 2019 read more »
Oil and gas companies have spent £40.5bn ($50bn) on investment projects that undermine the Paris Agreement, with a new report from think tank Carbon Tracker warning that major companies risk wasting £1.8trn ($2.2trn) on stranded assets by 2030. The new report, published today (6 September), notes that large investment projects in the pipeline of the oil and gas sector are failing to account for the required fall in emissions to meet the Paris Agreement and mitigate severe climate impacts. The report claims that oil and gas companies are on track to spend £5.2trn ($6.5trn) on new production by 2030. However, the demand for said production is in line with a world where global warming is limited to 2.7C rather than a 1.6C pathway that has been outlined by the International Energy Agency (IEA). Under the 1.6C scenario, oil and gas production would need to reach £3.4trn ($4.3trn), creating a $2.2trn gap of potentially stranded assets. Carbon Tracker’s senior analyst Andrew Grant said: “Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals.
Edie 6th Sept 2019 read more »
Renew Economy 6th Sept 2019 read more »
Business Green 6th Sept 2019 read more »