Oil and gas companies are betting on a future in which their production pushes global heating beyond 2.5C, a new report reveals.
Shell, TotalEnergies and Chevron are among the majors which recently approved $166 billion (€157bn) of investment in new oil and gas fields over the next decade, according to financial think tank Carbon Tracker.
But more than a third of this total (€55bn) is going towards sites that will only be needed if demand for the fossil fuels grows to a point where the world tips over the 2.5C threshold.
Oil refinery plant at night
“Oil and gas companies are marketing themselves as part of the solution to climate change while simultaneously planning production increases that would lead to climate catastrophe,” says Thom Allen, oil and gas analyst and report author.
“Companies cannot claim to be aligned with global climate targets unless they are planning to cut production.”
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The International Energy Agency (IEA) last year warned that no new oil and gas fields are compatible with 1.5C of warming above pre-industrial levels. This is the target enshrined in the Paris Agreement, beyond which the impacts of climate change will accelerate rapidly.
Read more: MSN
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