The world’s state-owned fossil fuel companies are poised to invest about $1.9tn (£1.4tn) in the next decade in projects that would destroy any prospect of meeting the Paris agreement climate goals. Both are not possible.”National oil companies (NOCs) produce about two-thirds of the world’s oil and gas and own about 90% of reserves. Such officials tend to be responsible for generating revenues from their state-owned fossil fuel assets, but carry little or no responsibility for climate change targets. “They are still holding on to visions of being world-class operators and strutting the global stage with these companies,” said Manley. China, India and Russia are expected to be responsible for the biggest chunk of investment from NOCs.

Source: The Guardian February 09, 2021 06:01 UTC