Major oil and gas companies have invested $50bn (£40.6bn) in fossil fuel projects that undermine global efforts to avert a runaway climate crisis, according to a report. Since the start of last year, fossil fuel companies have spent billions on high-cost plans to extract oil and gas from tar sands, deepwater fields and the Arctic despite the risks to the climate and shareholder returns. Carbon Tracker, a financial thinktank, found that ExxonMobil, Chevron, Shell and BP each spent at least 30% of their investment in 2018 on projects that are inconsistent with climate targets, and would be “deep out of the money in a low-carbon world”.
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Links:
[1] http://admin.indiaenvironmentportal.org.in/reports-documents/breaking-habit-why-none-large-oil-companies-are-%E2%80%9Cparis-aligned%E2%80%9D-and-what-they-need
[2] http://www.indiaenvironmentportal.org.in/files/file/CTI_Breaking_the_Habit.pdf
[3] http://admin.indiaenvironmentportal.org.in/category/publisher/carbon-tracker
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/climate-change
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/oil
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/industry
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/fossil-fuels