Emily Gosden, Energy EditorThe Times
About $50 billion of projects approved by oil companies including Royal Dutch Shell and BP within the past year will fail to deliver economic returns if the world meets the Paris climate goals, according to new analysis.
Shell’s huge Canadian liquefied natural gas project, approved last October, and BP’s latest Azerbaijan oil development, approved in April, are among projects that risk becoming “stranded assets”, according to Carbon Tracker, a not-for-profit think tank, which aims to “align capital markets with climate reality”.
A Shell spokeswoman said that it was confident in the competitiveness of its Canadian LNG project. She added: “The world is not moving fast enough to tackle climate change. Shell is acting now and this is being recognised by investors. As the energy system evolves, so is our business, to provide the mix of products that our customers need and ensure that Shell continues to be a world class investment case.”
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