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Home / Business / & # 39; Definition of Insane Greed & # 39 ;: Investing Billions in New Projects, Fossil Fuel Companies Underpinning World Climate Goals

& # 39; Definition of Insane Greed & # 39 ;: Investing Billions in New Projects, Fossil Fuel Companies Underpinning World Climate Goals



Despite external claims from the fossil fuel industry that it shares the public's concern about the rapidly warming planet, a new study shows that oil and gas companies are undermining active and aggressive climate targets agreed by the world's governments.

The Carbon Tracker tanker released a report on "Breaking the Habit" on Thursday, describing the huge investments powerful companies ExxonMobil, Shell, Chevron and BP have continued to make offshore drilling, tar sands and fracking projects in the years after almost 200 countries agreed that global warming must be limited to 1

.5 degrees Celsius.

The companies have invested $ 50 billion in climate-warming fossil fuel projects since early 2018, according to the report.

"Every oil major is investing heavily in a 1.5C world and investing in projects that are in conflict with the Paris goals," report author Andrew Grant told The Guardian. [19659003] Author and co-founder of 350.org Bill McKibben shared The Guardian his report on the study on social media, saying that its findings detailed "insane greed" in the fossil fuel industry at the expense of the planet.

At least 30 percent of companies' investments over the last two years have gone toward energy projects that have been found to pump so as much as 37 billion tons of carbon in the atmosphere per year, in addition to exposing marine life, drinking water sources and people living near fracking and pipeline projects.

"Last year, all of the major oil companies sanctioned projects that fall outside a" well below two degrees "budget on a cost basis," reads the report, referring to the goal of keeping global warming below 2 degrees Celsius above pre-industrial levels – and more ambitiously, below 1.5 degrees.

"These will not yield sufficient returns in a low carbon world," said the Carbon Tracker.

Continued investment in new fossil fuel projects comes three years after the Paris Agreement came into force, when the EU pledged to reduce carbon emissions by 40 percent compared to 1990 levels, and the United States agreed to reduce emissions by 28 percent below 2005 levels by 2030.

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Since the agreement was forged, fossil fuel companies have claimed to work to reduce their emissions.

"We agree that the world is not moving fast enough to cope with climate change," said a spokesman for Shell Guardian . "As the energy system evolves, so is our business."

Critics on social media said Friday that the Carbon Tracker report shows how Shell's plans for a $ 13 billion natural gas investment and plans by BP and ExxonMobil to invest in an offshore project in Angola still profit trumps to preserve the planet for powerful companies – priorities that will lead to suffering for communities that have contributed least to the climate crisis.

"None of the largest oil and gas companies make investment decisions in line with global climate goals," the group End Water Poverty tweeted.

Grant suggested that Exxon shareholders, Shell and other oil and gas companies must encourage managers to step away from emissions-causing projects.

"Investors should challenge companies' spending on new fossil fuel production," Grant told The Guardian . [19659003] But others on social media said that the power to stop companies and their wealthy investors lies with policy makers who need the political will to bring the fossil fuel sector to heel.

"These dirty fossil fuel companies are not being told, let alone about the urgent climate crisis," wrote the British leader of the Green Party Jonathan Bartley. . "


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