Oil companies could spend a billion when climate change reaches – report


More than two trillion dollars of the planned investment in oil and gas projects in 2025 can be superfluous if the government’s targets to reduce emissions of carbon dioxide, global warming to 2 degrees Celsius, according to a report limit students carbon tracker and institutional investors.

The intensity of carbon projects in oil and gas, the 69 companies with the requirements planned is necessary to achieve from 2015 the purpose of heating the arrangement in Paris, which require compared with fossil fuel consumption.
It was noted that Exxon, the oil and gas company in the world, is publicly traded for the collapse of half of its budget for new fields that will not be necessary.

Shell and the France’s Total (TOTF.PA) see to 40 percent of their budget until they lost

Fossil fuel manufacturers are under pressure from investors to reduce carbon dioxide emissions and increase the transparency of future investments.
The largest national pension fund Sweden, AP-7, one of the authors of the report last week, said the investment in six companies, including Exxon abolished, said that it violated the Paris agreement.

The largest energy companies have expressed their support for the Paris agreement that nearly 200 countries have been reached. Many of them called on the government to impose a tax on carbon dioxide emissions to support cleaner energy sources, such as gas.
President Donald Trump has said he will retire this month in the United States of Paris Accords, which he said would undermine the US economy.
The report shows five costly projects, including the expansion of the Kashagan and Bonga giants Kazakhstan’s southwest and northern Nigeria is not required if you want to achieve the goal of global warming.

About two-thirds of the potential oil and gas that would be controlled by the private sector overnight demand, “the risk of redirecting the above companies, not national oil companies,” said the report.
The state-run Saudi Aramco, widely regarded as the lowest producer of oil prices, will be up to 10 percent of its production unprofitable, the report states.
Reporters said talks have shown with oil companies that companies want to remain flexible in responding to future development and possible oil price changes.

Companies, Shell and BP included, have dropped the idea that assets might be redundant, so the shares they own are too small to be affected by the long-term decline in demand.