Oil Biz And The Climate Crisis Don’t Mix

As the climate crisis grows, Big Oil finds itself over a barrel

Joel Makower, December 9, 2019 (GreenBiz)

“…The world’s largest oil and gas companies are facing strong headwinds from activists, investors and communities, pitting the companies’ relentless growth ambitions against the worsening signs of climate change…Greenhouse gas emissions hit a record high in 2019, due in large part to the growth of oil (up 0.9 percent) and gas (up 2.6 percent) during the year, offsetting declining emissions from coal (down 0.9 percent)…[This continues the oil sector’s] decades-old efforts to suppress concerns about climate change…[And over] the next half decade, between 2020 and 2024, the oil and gas sector investments will lock in enough carbon emissions to push warming well beyond 2 degrees Celsius, let alone 1.5 degrees C…

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...[A new report shows that over the next half-decade,] the oil and gas sector plans to invest $1.4 trillion in new exploration and extraction…[The report] found that 85 percent of the expanded production is slated to come from the United States and Canada over that period…[and] just 25 companies are responsible for nearly half of the production…[The scientific evidence is fueling protests and disinvestment that could have implications for companies in other sectors,] from suppliers and partners to intensive oil-consuming customers…[But the oil and gas sector] doesn’t seem to be budging…Wall Street remains bullish on the sector…” click here for more

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