Big oil firms eschewing UN climate goal with $50 billion new projects


by   |  VIEW 172
Big oil firms eschewing UN climate goal with $50 billion new projects

On Thursday, the 5th of September 2019, Carbon Tanker, the London-based non-profit think tank engaged on researching the impact of climate change on financial markets, said in a report dated to be published on Friday that world’s leading oil majors, assigned to projects worth of more than $50 billion since last year, would not be able to instrument the projects if governments decided to implement the Paris agreement on climate change.

Aside from that, the Carbon Tanker analysts had also been quoted saying on Thursday (September 5th) that latest investment plans of British-Dutch oil major Royal Dutch Shell, British oil company BP alongside Texas-based Exxon Mobil, would not be compatible with 2015 Paris Agreement aimed at curbing global warming below 1.5 degree Celsius.

Meanwhile, citing that almost every oil majors were challenging the viability and applicability of 2015 Paris Agreement, a co-author of the Carbon Tanker report and a former natural resource analyst at Barclays, Andrew Grant said, “Every oil major is betting heavily against a 1.5 degree Celsius world and investing in projects that are contrary to the Paris goals.

” More importantly, according to scientists’ view, 1.5 degree Celsius is the pointiest end below which catastrophic climate changes likes of sea-level rise, forced migration, natural disasters, failed harvests alongside heavy droughts could be averted, while a former geologist at BP and a co-author of the report, Mike Coffin had been quoted saying on Thursday (Sept.

5th) that at least 18 new projects worth of $50 billion were approved since last year which would likely to hike global temperature more than 2 degree Celsius by the end of this century, while at least 30 per cent investments of oil majors had already surpassed a global warming level of 1.6 degree Celsius.