Oil firms need to come clean on climate threat
The sector must step up its investments in clean energy and efforts to mitigate climate change or risk being left with expensive, stranded assets, says a new report
Climate change's impact on oil companies' spending is already in the spotlight following investor pressure on ExxonMobil and other big producers to be more transparent. Now, a team led by advocacy group Carbon Tracker has produced a report that aims to spell out what's at stake—and the headline figures don't make great reading for oil bulls. Five of the world's six largest listed oil companies risk wasting more than 30% of potential spending on upstream projects that could be surplus to requirements in a world committed to keeping global warming down to 2°Celsius above temperatures in pre-industrial times, the principal goal of the Paris agreement. Of the majors, Exxon would be hit hardest,
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation