The world’s largest oil and gas companies need to slash their production by more than a third by 2040 to meet global climate targets, according to a new report.
The seven listed oil majors – including ExxonMobil, BP and Shell – would need to cut the total amount of oil and gas they produce every day by 35% to avoid driving temperatures 1.5C higher than pre-industrialised levels.
Global governments would also need to stop issuing new oil and gas licences for fossil fuel exploration, according to the report.
The study was produced by Carbon Tracker, a financial thinktank, using publicly available oil company data to measure their carbon footprints today and by 2040.
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