In order to meet the international climate targets set by the Paris Agreement (keeping the temperature increase below 2°C and as close as possible to 1.5°C), the world’s major oil and gas companies must reduce their cumulative production (as a group) by 35% by 2040, warns a new report by the English think tank Carbon Tracker published on 1 November.
“The industry is trying to have its cake and eat it too - reassuring shareholders and appearing supportive of [the] Paris agreement, while...