Guest essay by Eric Worrall
Analysts are shocked that oil and gas companies are still investing substantial sums in developing fossil fuel assets, almost like they don’t care about the Paris Agreement.
Oil and gas companies investing £40bn in projects that ‘undermine’ fight against climate change
‘Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,’ says report author
Fossil fuel giants including Shell, BP and ExxonMobil are investing billions in plans that are incompatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5C, according to an analysis by the think tank Carbon Tracker.
“Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,” said Andrew Grant, a former natural resources analyst at Barclays and co-author of the report.
Darren Woods, Exxon’s chief executive, this week insisted the world’s rapidly growing demand for energy would not be met by renewables alone. He cited International Energy Agency (IEA) estimates that £17 trillion of new investment in energy production is needed by 2040, representing a “compelling investment case” for fossil fuels.
…Read more: https://www.independent.co.uk/news/business/news/oil-gas-companies-fossil-fuels-climate-change-global-warming-shell-exxon-a9094946.html
The carbon tracker report is available here.
My guess is oil companies are betting on the Paris Agreement declining into irrelevance long before they get into trouble for their new fossil fuel investments.
There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis, ranging from a faltering attempt to resurrect the plastics crisis, to low level efforts to kick start the artificial intelligence crisis.