"Oil projects over the next decade would destroy hopes of meeting Paris climate goals, thinktank warns"
"The world’s state-owned fossil fuel companies are poised to invest about $1.9tn (£1.4tn) in the next decade in projects that would destroy any prospect of meeting the Paris agreement climate goals.
A large proportion of these investments are likely to become stranded assets, with at least $400bn unlikely to be profitable if the world sticks to its promises to hold global heating to less than 2C (3.6F) above pre-industrial levels, according to a report from the Natural Resource Governance Institute thinktank.
Oil prices collapsed last year to about $40 during the Covid-19 pandemic and lockdowns but have since recovered some ground to about $60 a barrel, and many fossil fuel companies are expecting a return to business as usual this year or next, and are planning for future expansion."
Fiona Harvey reports for the Guardian February 9, 2021.
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