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Transparency is needed to burst the carbon bubble

The world’s largest Oil and Gas companies must reduce their production by 35% by 2040 if international climate targets are to be met. But with major players reluctant to budge quickly, it’s likely to be a case of ‘who-blinks-first’ before significant change is seen. Investor pressure has so far led to a spread of misinformation between the industry and the public. Enforcing transparency and progress towards climate goals is likely to require legal action to be initiated by policy makers. Using a project level methodology, thinktank Carbon Tracker, released the “Balancing the Budget” report last Friday, analyzing the “carbon bubble” and how both shareholder value and climate targets depends on large companies such as ExxonMobil and Shell to aim for…

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