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Oil firms treat 2.7ºC warming as fine – feel no Paris pressure

There is a growing divergence between most of the electricity industry and the oil and gas industry – whereby one half believes in the 1.5 degree worldview of the IPCC, and the other ignores it completely. This is now shown in stark contrast by a report out this week from Carbon Tracker, an organization which has explored the financial implications of the shift to a lower carbon economy over the past 8 years. It turns out that almost all oil companies are investing in projects which cannot reach any kind of payback if the world meets its 1.5 degree targets. Here at Rethink Energy we have been calling out individual forecasts from oil companies which insist that the world will…

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