Big Oil Undermines U.N. Climate Goals with $50 Billion of New Projects

Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday.

The analysis found that investment plans by Royal Dutch Shell (RDSa.L), BP (BP.L), and ExxonMobil (XOM.N) among other companies will not be compatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius.

“Every oil major is betting heavily against a 1.5 degree Celsius world and investing in projects that are contrary to the Paris goals,” said report co-author Andrew Grant, a former natural resources analyst at Barclays.

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