Exclusive: Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns
by Damian Carrington and Matthew Taylor
The world’s biggest fossil fuel firms are quietly planning scores of “carbon bomb” oil and gas projects that would drive the climate past internationally agreed temperature limits with catastrophic global impacts, a Guardian investigation shows.
The exclusive data shows these firms are in effect placing multibillion-dollar bets against humanity halting global heating. Their huge investments in new fossil fuel production could pay off only if countries fail to rapidly slash carbon emissions, which scientists say is vital.
The dozen biggest oil companies are on track to spend every day for the rest of the decade
$103m
“Simply put, they are lying and the results will be catastrophic,” said Guterres. “Investing in new fossil fuels infrastructure is moral and economic madness.”