Big Oil undermines U.N. climate goals with $50 billion of new projects: report

[Eugene]

Source: Reuters

SUSTAINABLE BUSINESS SEPTEMBER 5, 2019 / 7:04 PM / UPDATED 31 MINUTES AGO

Big Oil undermines U.N. climate goals with $50 billion of new projects: report

Ron Bousso
5 MIN READ

LONDON (Reuters) - Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday.

The analysis found that investment plans by Royal Dutch Shell (RDSa.L), BP (BP.L) and ExxonMobil (XOM.N) among other companies will not be compatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius.

“Every oil major is betting heavily against a 1.5 degree Celsius world and investing in projects that are contrary to the Paris goals,” said report co-author Andrew Grant, a former natural resources analyst at Barclays.

Big oil and gas companies have welcomed the U.N.-backed Paris Agreement, in which governments agreed to curb greenhouse gas emissions enough to limit global warming to 1.5 degrees Celsius, or “well below” 2 degrees Celsius by the end of the century.

Scientists view 1.5 degrees Celsius as a tipping point where climate impacts such as sea-level rise, natural disasters, forced migration, failed harvests and deadly heatwaves will rapidly start to intensify if it is breached.

-snip-

Read more: https://www.reuters.com/article/us-climate-change-oil/big-oil-undermines-u-n-climate-goals-with-50-billion-of-new-projects-report-idUSKCN1VQ2WC

[Eliot Rosewater]

1. Easy, seize all energy companies period

Did we want to live or did we want to let greedy corps kill us?

Or did ANYONE reading this think we have enough time NOT to seize them and REVERSE what we can NOW?

Sure, we cant seize China's polluters, so probably wont matter.