Climate: an NGO denounces the investments of major oil companies

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An oil platform off Venezuela (illustration image). REUTERS / Henry Romero

The British NGO Carbon Tracker denounces the massive investments of major oil companies in hydrocarbon projects that are incompatible with the Paris agreement on climate.

According to Carbon Tracker , oil companies have approved $ 50 billion in investments in 18 fossil fuel projects since 2018.

The NGO estimates that these investments are incompatible with the Paris agreement which aims to limit global warming to 1.5 ° C. To achieve this, global consumption of fossil fuels will have to decline.

Investments that may not be profitable

The signatory states to the agreement have indeed committed in this direction by multiplying the investments in sober energy projects. Under this scenario, supply will therefore exceed demand, which means that the investments of these large companies may not be profitable. Only the least expensive projects will make a profit, says the NGO.

Carbon Tracker indicates in its report that the American ExxonMobil is the most exposed group and risk seeing its assets greatly devalued. He is followed by Anglo-Dutch Shell, British BP and French Total. The latter ensures that its investments respond to climate concerns.