Oil and gas companies have spent £40.5 billion on investment projects

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  • 06 Sep 2019 12:00 AM
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Oil and Gas Companies Risking £1.8trn in Stranded Assets During Low-carbon Transition, Report Warns

Oil and gas companies have spent £40.5 billion on investment projects that undermine the Paris Agreement and risk wasting £1.8 trillion on ‘stranded assets’ by 2030, according to a new report from think tank Carbon Tracker. The report claims that the companies are on track to spend £5.2 trillion on new production by 2030, although these assets could become ‘stranded’ if regulation prevents the natural resources being exploited. Companies such as ExxonMobil, Chevron, Shell, and BP have already spent 30 percent of their investment levels for 2018 on projects that are incompatible with the Paris Agreement, the report estimated. A Carbon Tracker report from earlier this year found that no large corporates within this sector are providing “anything close to an ideal level of disclosure” around climate-related risks and opportunities. This week green groups have also branded the UK’s offshore oil and gas industry’s blueprint to contribute to net-zero emissions by 2035 as “overt lobbying”.

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