While Talking up Climate Action, Oil Majors Eye Argentina’s Shale Reserves
The industry is not slowing down, even in the face of the worsening
climate crisis. Although many oil companies signed on to the Paris
Climate Agreement, they have simultaneously poured $50 billion into projects since 2018 that are not aligned with climate targets. The industry also has plans to invest $1.4 trillion in new oil and gas projects around the world over the next five years, despite the fact that existing projects contain enough greenhouse gases to use up the remaining carbon budget.
climate crisis. Although many oil companies signed on to the Paris
Climate Agreement, they have simultaneously poured $50 billion into projects since 2018 that are not aligned with climate targets. The industry also has plans to invest $1.4 trillion in new oil and gas projects around the world over the next five years, despite the fact that existing projects contain enough greenhouse gases to use up the remaining carbon budget.
In other words, the oil majors are actively betting on, and are
heavily invested in, blowing past climate targets and burning as much
carbon as possible, despite protestations from company executives that
they are good-faith actors.