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‘Carbon bombs’ set to trigger catastrophic climate breakdown

The Guardian

Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown

Exclusive: Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns

by Damian Carrington and Matthew Taylor: Wed 11 May 2022

The world’s biggest fossil fuel firms are quietly planning scores of “carbon bomb” oil and gas projects that would drive the climate past internationally agreed temperature limits with catastrophic global impacts, a Guardian investigation shows.

The exclusive data shows these firms are in effect placing multibillion-dollar bets against humanity halting global heating. Their huge investments in new fossil fuel production could pay off only if countries fail to rapidly slash carbon emissions, which scientists say is vital.

The oil and gas industry is extremely volatile but extraordinarily profitable, particularly when prices are high, as they are at present. ExxonMobil, Shell, BP and Chevron have made almost $2tn in profits in the past three decades, while recent price rises led BP’s boss to describe the company as a “cash machine”.

The lure of colossal payouts in the years to come appears to be irresistible to the oil companies…

FULL ARTICLE

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