BP and Shell planning for catastrophic 5°C global warming despite publicly backing Paris climate agreement

Companies are trying to ‘have their oil and drink it’ by committing to 2°C in public while planning for much higher temperature rises, says shareholder campaign group, ShareAction

Oil giants Shell and BP are planning for global temperatures to rise as much as 5°C by the middle of the century. The level is more than double the upper limit committed to by most countries in the world under the Paris Climate Agreement, which both companies publicly support.

The discrepancy demonstrates that the companies are keeping shareholders in the dark about the risks posed to their businesses by climate change, according to two new reports published by investment campaign group Share Action. Many climate scientists say that a temperature rise of 5°C would be catastrophic for the planet.

ShareAction claims that the companies’ actions put the value of millions of people’s pensions at risk. Two years after BP and Shell shareholders voted resoundingly in favour of forcing the companies to make detailed disclosures about climate risks, the companies have made unconvincing steps forward, according to the reports.

Read more: Independent

By |2019-08-13T14:38:37+01:00August 20th, 2019|Energy and Climate Change, News|
This website uses cookies and third party services. Ts & Cs Ok

Privacy Policy

You can view our Privacy Policy here.

Term of Use

You can view our Terms of Use here.