"Definition of Craziness": investing billions of dollars in new projects, fossil fuel companies undermine the planet's climate goals

Despite external claims by the fossil fuel industry that it shares the public's concerns about global warming, a new study shows that oil and gas companies are actively and aggressively challenging climate goals agreed by the world's governments.

The think tank Carbon Tracker on Thursday released a report titled "Breaking the Habit", detailing the huge investments that powerful companies such as ExxonMobil, Shell, Chevron and BP have continued to make in offshore drilling projects, oil sands and fracking in the years that followed. 200 countries agreed that global warming should be limited to 1.5 degrees Celsius.

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

"Every major oil group is betting heavily on a world at 1.5 ° C and investing in projects contrary to the Paris objectives," said report author Andrew Grant. The Guardian.

Author and co-founder of 350.org, Bill McKibben shared The Guardiansocial media study report, stating that his findings detail the "senseless greed" of the fossil fuel industry at the expense of the planet.

At least 30% of business investment over the last two years has been spent on types of energy projects that discharge up to 37 billion tonnes of carbon into the atmosphere annually and endanger marine life. , drinking water people living near fracking and pipeline projects.

"Last year, all major oil companies approved projects whose budget did not correspond to a budget" well below two degrees, "says the report, referring to the goal of maintaining the global warming below 2 degrees Celsius compared to pre-industrial levels – and more ambitiously, less than 1.5 degrees.

"These will not pay enough in a low-carbon world," said Carbon Tracker.

Continued investment in new projects related to fossil fuels comes three years after the entry into force of the Paris Climate Agreement, at the time of entry into force of the EU project. is committed to reducing carbon emissions by 40% from its 1990 levels and the United States is committed to reducing its emissions by 28% from 2005 levels by 2030.

Since the conclusion of the agreement, fossil fuel companies have stated that they have been striving to reduce their emissions.

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

Critics on social media said Friday that the Carbon Tracker report showed how, with Shell's plans for a $ 13 billion investment in natural gas and BP's and ExxonMobil's plans to invest in a project Angola's offshore, profits still outweigh the preservation of the planet for the powerful companies – priorities will hurt the communities that have contributed the least to the climate crisis.

"None of the biggest oil and gas companies are making investment decisions that are in line with global climate goals," tweeted the End Water Poverty group.

"None of the largest oil and gas companies make investment decisions that are in line with global climate goals."

The pursuit of profits to the detriment of people and sustainability will increase water insecurity for communities that contribute the least to global emissions. https://t.co/I7Q4a2TsIC pic.twitter.com/YEaoNgSTlW

– Eliminating poverty in water (@EndWaterPoverty) September 6, 2019

Grant has suggested that shareholders of Exxon, Shell and other oil and gas companies must urge their executives to move away from generating projects.

"Investors Should Challenge Business Expenditures on Fossil Fuel Production," Grant said The Guardian.

But others on social media have said that the power to stop businesses and their wealthy investors is incumbent on policy makers who needed the necessary political will. bring the fossil fuel sector to heel.

"These dirty fossil fuel companies are not getting the message, let alone the urgency of the climate crisis," said British Green Party co-chair Jonathan Bartley. "But it is the governments that have to hold them accountable and put an end to the subsidies that finance their destruction of the environment."