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Companies Investing Trillions on Oil Fields despite Climate Change Warnings

Apr 23 2019 By Priya
Trillions on Oil Fields despite Climate Change Warnings
Trillions on Oil Fields despite Climate Change Warnings

Climate change is probably the most important and immediate threat we’re facing right now. Despite the people who don’t believe it exists, it’s very real and affecting us in many ways.

Yet, major companies like ExxonMobil and Shell are still scouting the planet for more fuel and gas.

Greenhouse gas emissions continue to grow larger and larger by the minute. The climate scientists have warned that if we don’t change the way we’re living, it’s impossible to save the earth.

By 2030, the global oil output is set to grow by 12 percent. It is also the year by which the UN says greenhouse gas emission must be slashed by almost half.

Because the UN’s climate change panel (IPCC) reports that the Paris climate deal expects to reduce the global temperature to 1.5 Celsius. But this is only possible if there are immediate and drastic cuts in consumption and production of gas, oil, and coal.

However, major gas and oil giants plan to invest trillions of dollars for exploration and development of new oil and gas fields in the coming decades.

“The oil and gas majors’ current investment plans are nowhere near to being compatible with 1.5C, they are completely poles apart from what is needed,” Murray Worthy, who authored the report for the watchdog, told AFP.

Investments in exploration dropped in recent years across the industry, thanks to low oil prices. But over the next decade, it is set to rise over 85% reaching $1 trillion annually before hitting 2029.

Few companies have kept mum about the issue. However, some giants like Shell and Chevron are taking positive steps towards tackling climate change. According to their spokesperson, the companies are taking important cost-effective actions to address potential climate change.

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