The latest science from the Intergovernmental Panel on Climate Change (IPCC) indicates that we have to fundamentally shift our energy systems away from fossil fuels to stay within the limits set by the 2015 Paris Agreement. By 2030, global carbon emissions must be cut in half, compared to current levels, to be in range of limiting global warming to 1.5 degrees Celsius (°C).6
Despite global recognition that we need to transition to a zero-carbon economy, oil companies continue to plan for and invest in new oil and gas projects. Data from Rystad Energy, an industry consultancy, indicates that the oil and gas industry is ignoring the significant risks of climate change, acting contrary to what is required, and instead planning to dramatically expand oil and gas production over the next decade and beyond.