The Strategist

Energy companies have to cut production by 35% to achieve climate goals

11/04/2019 - 04:37

The world’s largest oil and gas companies should reduce production by more than 30% by 2040 in order to achieve hydrocarbon emissions targets set by the Paris Climate Agreement.

British analysts at Climate Tracker said that emissions from the world's largest energy companies, which are going up due to increased oil production, will increase spending to lower this level for decades.

The 2015 Paris Climate Agreement obliges countries to limit the temperature rise to "well below" 2 degrees Celsius and to a safer limit of 1.5 degrees.

To achieve these goals, global companies must drastically reduce emissions, due to which, according to scientists, the air temperature in the world is growing.

Climate Tracker noted that the budgets of companies will grow in 24 years to limit the global warming to 1.75 degrees - a level that leading scientists of the world no longer consider safe.

“There is a limit to any carbon that can be emitted for any given level of global warming, which means that if we want to achieve a good result under the Paris Agreement or any other climate goal, fossil fuel production should be reduced,” said Andrew Grant, Senior Oil and Gas Analyst at Carbon Tracker.

According to him, all oil and gas companies have declared support for the Paris Agreement, but they plan to increase production volumes nevertheless.


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