Oil and gas firms planning ‘frightening’ fossil fuels growth, report finds

Analysis released at Cop27 climate summit shows plans would thwart chances of keeping global heating to 1.5C

Oil and gas companies are planning a frightening" expansion that would result in 115bn tonnes of climate-heating CO2 being pumped out, equivalent to more than 24 years of US emissions, a new analysis has found.

Virtually all oil and gas companies are planning further exploitation of fossil fuels, the report found, pouring $160bn dollars into exploration since 2020. None of this investment is compatible with the International Energy Agency's (IEA) route to reaching net zero emissions by 2050 and limiting the climate crisis, the report said.