Oil and gas companies undermining climate goals, says report
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.
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”.
Andrew Grant, the author of the report, said: “Every oil major is
betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals.”