Energy majors ‘spend 90 per cent’ on fossil fuels despite climate pledges

Energy giants Shell and Total continue to invest 90 percent of their capital on planet-warming fossil fuels despite promises to slash their greenhouse gas emissions, according to an industry analysis seen exclusively by AFP.

With combined emissions equivalent to that of Germany — the world’s fourth largest economy — both companies are likely to fall “well short” of their own sustainable investment targets, the Institute for Energy Economics and Financial Analysis (IEEFA) said.

The report comes after a string of industry behemoths have committed to reducing their carbon pollution in line with the 2015 Paris climate accord, which calls for capping global warming below two degrees Celsius above pre-industrial levels.

It finds that even two of the energy giants most aligned with the agreement’s goals are still spending only a fraction of their revenue on reducing their emissions.

ET Energy World
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