Our new report 'Paris Maligned' finds #oil & #gas🛢️companies are spending vast sums on new #FossilFuel production that will tip the world past #ParisAgreement goals & towards climate catastrophe carbontracker.org/report/paris-m…
'Paris Maligned' finds #Exxon, #Shell, Total, #Equinor & other companies approved $58bn in investment that is only needed if #oil & #gas demand reaches the point to push global 🌍 temperatures above 2.5°C🌡️carbontracker.org/report/paris-m…
Thom Allen, #Oil & #Gas Analyst & report author said: “Oil & gas companies are marketing themselves as part of the solution to #ClimateChange, while simultaneously planning production increases that would lead to climate catastrophe" carbontracker.org/reports/paris-… #BigOil #greenwashing
#Oil🛢️ Companies cannot claim to be aligned with global climate targets unless they are planning to cut #FossilFuel production” 📉 said Thom Allen, co-author of 'Paris Maligned' carbontracker.org/reports/paris-… #BigOil #ParisAgreement #OOTT
'Paris Maligned' warns investors that in 2023, #BigOil companies will make decisions on investing more than $35bn to 2030 in 15 major O&G projects that are incompatible with 1.7°C. Two-thirds ($23bn) relates to 7 projects that aren't compatible with 2.5°C🌡️carbontracker.org/reports/paris-…

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More from @CarbonBubble

Jun 23
Our new report: 'Unburnable #Carbon - 10 Years On' finds global stock markets 🏦 are financing energy companies which are sitting on 3x more #coal, #oil & #gas reserves than can be burned without breaking the 1.5°C Paris climate target carbontracker.org/reports/uburna… #CarbonBubble
🧵Despite growing urgency to tackle #ClimateChange, 'Unburnable #Carbon' reveals “embedded #emissions” in the #FossilFuel🛢️reserves of companies listed on stock exchanges – the CO2 released if they’re extracted & burned – has grown by nearly 40% since 2012 carbontracker.org/reports/uburna…
@CarolineLucas @EdwardJDavey @Ed_Miliband @MichaelEMann @CFigueres @AnnPettifor @billmckibben @martinwolf_ @AlokSharma_RDG The report warns that 90% of all known #FossilFuel🛢️reserves & resources held by companies must stay in the ground as 'unburnable #carbon' to limit global warming to 1.5°C🌡️🛑carbontracker.org/reports/uburna… #KeepItInTheGround
Read 13 tweets
Jun 22
🧵In 2011, our 1st report: 'Unburnable Carbon: Are the World’s Financial Markets Carrying a #CarbonBubble?' found ~80% of declared reserves of listed #FossilFuel companies were at risk of stranding, if the world stayed below 2˚C temp rise... carbontracker.org/reports/carbon… Image
Since 2011, both #emissions & #FossilFuel🛢️reserves with listed ownership have increased 📈, while the world’s climate policy ambition has strengthened post #ParisAgreement to not exceed 1.5˚C temp🌡️rise🛑carbontracker.org/reports/carbon… #CarbonBubble
Despite the global distribution of #oil, #gas & #coal mining production, financing of #FossilFuel companies is concentrated in a small number of financial centres & stock exchanges in likes of New York, London, Moscow carbontracker.org/reports/carbon… Image
Read 4 tweets
Jan 12
Between June 2021 & January 2022, the price of “nature based” #offsets — such as those from tree-planting schemes 🌳🌳 — increased more than 3-fold from around $4.65 per tonne of #carbon to around $14.40, according to S&P Global Platts ft.com/content/29565f… #CCUS #NetZero
Interest in unregulated #offsets market, has grown with proliferation of #NetZero emission pledges since the #COP26 summit + rising pressure on curbing global warming. Expectations are the voluntary carbon market will grow this yr into a space worth $ Bn's ft.com/content/29565f…
Though #oil companies claim to use only “high-quality” #offsets as part of their #NetZero goals, monitoring millions of acres of forest is hugely challenging. Experience of recognised programs like UN’s REDD initiative = mixed at best carbontracker.org/oil-companies-…
Read 5 tweets
Apr 23, 2021
New report: ‘The Sky’s The Limit’ finds huge falls in the cost of #solar & #wind power have unlocked an energy reserve that can meet world demand 100x over! Most is already economic compared with #FossilFuels carbontracker.org/reports/the-sk…
At current growth rates, #renewables will push #FossilFuels out of the electricity sector by 2035, & 2050 could see a world powered entirely by electricity. Author @KingsmillBond says: “we're entering a new era, comparable to the industrial revolution” carbontracker.org/reports/the-sk…
.@KingsmillBond continued: "Geopolitics will be transformed as nations are freed from expensive imports of #coal, #oil & #gas. Clean #renewables will free the planet from the impact of fossil fuel pollution." carbontracker.org/reports/the-sk…
Read 6 tweets
Sep 18, 2019
Thread: @BillGates claims fossil fuel #divestment has 'zero' climate impact, and #climatechange activists are 'wasting their time' lobbying investors to ditch #fossilfuel stocks ft.com/content/21009e…
@BillGates Gates: “#Divestment, to date, probably has reduced about zero tonnes of emissions. It’s not like you’ve capital-starved [the] people making steel and gasoline” ft.com/content/21009e…
@BillGates As @350 note: arguments against fossil fuel #divestment miss a larger point. The idea is not to starve companies of capital but to remove their “social licence to operate” & make it easier for Govts to act on climate issues by breaking #fossilfuel companies’ hold on politicians.
Read 8 tweets

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