Oil and gas companies are preparing to invest in so many new projects that they will negate potential progress in reducing emissions and preventing worst-case climate scenarios, a new report says. study of from the Guardian.
Why describe them as bombs? If these projects are completed,could push climate change far beyond the 1.5 degree Celsius warming target that Paris Agreement set for the world. These projectsAccording to The Guardian, we will literally hit our carbon budget.
But how will it be funded? Oil prices are currently sky-high at the gas station, and two largest oil companies in the US – Chevron and ExxonMobil – raked record profit. That means big fossil fuel companies can bet on expansion projects that could bring in even bigger payouts, the Guardian said. And all this despite the fact that we have a very difficult three year term reduce emissions quickly if we are to limit global warming to less than 2 degrees Celsius above pre-industrial levels (which we really, really need make).
An investigation by The Guardian found that about 60% of these projects are already in operation, with Canada, Australia and the US among the countries with the biggest expansion plans for fossil fuel burning projects. The commitment to these projects is clear. Large companies, including Shell, Chevron, HELL, PetroChina and Total Energies are committed to spending more than $100 million a day before the end of this decade to create projects in new oil and gas fields. This is despite the fact that we may be on our way to 1.5 degrees of warming. next four years.
Additional fossil fuel projects will push us to the brink at breakneck speed. It doesn’t matter if it blows up in front of everyone, because some people will be very rich and they won’t suffer the worst consequences of environmental disasters.
The big oil companies are adept at shifting the consequences of their actions onto consumers trapped in our current system. They knew their activities contributed to the climate crisis decades ago and silenced scientists who tried to speak out. Many of these same companies famousAlso, our recycling system was not a viable solution for reducing waste. And now our oceans are filled trashour reservoirs dryingand extreme fires and hurricanes have become the new normal. This “bomb” was created over the years, to the detriment of us and for our money.