Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Fossil fuels: 20 oil and gas firms who support Paris Agreement projected to spend $932bn on new sites by 2030

All 20 firms have voiced support for the Paris Agreement, but UN scientists warn any new oil and gas sites would put 1.5C Paris goal beyond reach. 20 fossil fuel firms including Shell and BP are projected to spend $932 billion (£715 bn) on new oil and gas fields by 2030.
All the oil majors have pledged support for the Paris Agreement, which commits to limiting global warming to ideally 1.5C above pre-industrial levels - firms who hadn't were discounted from the list.

The analysis from campaigners Global Witness and Oil Change International comes a week after the United Nations (UN) called it "moral and economic madness" to invest in new oil and gas.

UN scientists (IPCC) warned those assets risked becoming stranded by mid-century, and that new fossil fuel projects would tip the world well over the 1.5C Paris target.

Investments from companies that say they are aligned with Paris look "deeply hypocritical" and stand in "stark contrast" with the IPCC's findings, said Global Witness campaigner Barnaby Pace.

Russian state company Gazprom topped the list with a predicted spend of $138bn (£105bn), Shell ranked ninth with $46bn and BP fourteenth with $30bn, according to the researchers' analysis of Rystad Energy data.

The figures cover new oil and gas sites being explored or developed, not those already up and running.

"We aren't ready to stop using oil and gas overnight, but these are investments in new oil and gas fields that will be only coming online in years or decades to come," added Mr Pace.

By the end of 2040, the collective spend is expected to reach $1.5 trillion, the analysis shows.

Clean energy investments by the oil and gas industry accounted for around 1% of total capital expenditure in 2020, according to the International Energy Agency.

ExxonMobil - which ranked second with a projected spend of $83bn - said it planned to invest $15bn in "lower-emissions technologies". These include hydrogen, biofuels, and technology to suck carbon out of the air - which scientists say is necessary and should be reserved for very limited sectors - but not renewable energy, other than to electrify some operations.

Shell expects a gradual decline in total oil production of about 1-2% a year, and plans to invest around £15bn in "low and zero-carbon" energy - including offshore wind and hydrogen - in Britain, representing 75% of their UK investment.

Chevron said oil and natural gas are "critical to ensuring reliable energy for decades" and it was reducing the emissions from the extraction process.

"As the energy transition unfolds, demand for fossil fuels will likely fall and companies must ensure that they... don't sanction high cost products that are not needed and ultimately will fail to deliver a return to their shareholders," said Mike Coffin from financial think tank Carbon Tracker.

That means companies planning on sanctioning new oil and gas projects are "thus effectively betting both on the collective failure to limit warming to 1.5 degrees, and on [the failure of] renewables and technologies such as battery storage to substitute for oil and gas," he said.

The British Government last week sparked criticism when it confirmed in its new Energy Security Strategy it would grant new licences for new oil and gas fields in the North Sea.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Trump Administration Seeks to Repurpose $4.9 Billion in Foreign Aid
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
US Appeals Court Rules Against Most Trump-Era Tariffs
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
German Chancellor Friedrich Merz: “The Current Welfare State Can No Longer Be Financed”
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
Wizz Air passengers screamed as storm-battered flight diverts to Bologna
European postal services halt U.S. deliveries after Trump imposes new tariffs
Urban explorer finds abandoned luxury restaurant left to decay
Fidesz leader labels Péter Magyar a ‘bluffer’ amid escalating political spat
French rope park operator arrested for denying entry to Israeli children
Újpest thrashes Zalaegerszeg 4-1 to secure first win in five matches
Profit-margin cap costs retailers 13 billion forints a month, warns trade group
Curiosity rover finds coral-like rock on Mars hinting at watery past
U.S. green policy rollback drives investors to Europe’s sustainable finance market
Special funerals rise in Hungary: boat, aerial and forest burials gain popularity
Hungary’s Kiskunság region turning into semi-desert after extreme drought
Kopasz Bálint wins world kayak 1000 m title in Milan, making him triple world champion
Budapest’s Keleti railway station to close for four weeks for track overhaul
Balaton could be unfit for swimming by 2035 and dry by 2050, scientists warn
Leaked guidelines show Meta’s AI allowed flirty and racist interactions with children
Filming of ‘Emily in Paris’ halted after assistant director dies on set
Filipino guest workers sue after Hungary moves to deport them for pregnancy
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
A monster hit and a billion-dollar toy empire
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
×