Oil firms could waste trillions if climate targets reached: report

21 Jun 2017   Climate

An energy installation on a property leased to Devon Energy Production Company by the Catholic Archdiocese of Oklahoma City is seen near Guthrie, Oklahoma, September 15, 2015. Oil giants including Exxon Mobil and Royal Dutch Shell risk spending more than a third of their budgets by 2025 on oil and gas projects that will not be feasible if international climate targets are to be met, a thinktank says. More than $2 trillion of planned investments in oil and gas projects by 2025 risk becoming redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees celsius, according to a report by the Carbon Tracker thinktank and a group of institutional investors. The report analyzed the costs of oil and gas projects planned for approval by 69 companies into 2025. It then compared their carbon intensity to targets needed to meet the 2 degree […]

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