Oil firms could waste trillions if climate targets reached – report | Reuters

By Ron Bousso | LONDON LONDON Oil giants including Exxon Mobil (XOM.N) and Royal Dutch Shell (RDSa.L) risk spending more than a third of their budgets by 2025 on oil and gas projects that will not be feasible if international climate targets are to be met, a thinktank says.More than $2 trillion of planned investments in oil and gas projects by 2025 risk becoming redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees celsius, according to a report by the Carbon Tracker thinktank and a group of institutional investors.The report analysed the costs of oil and gas projects planned for approval by 69 companies into 2025. It then compared their carbon intensity to targets needed to meet the 2 degree limit set by the 2015 Paris agreement, which would lead to a decline in fossil fuel consumption.According to the report, Exxon, the world's top publicly-traded oil and gas company, risks spending up to half its budget on new fields that will not be needed.

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