Rocketing demand for fossil fuels could deal blow to climate goals, report says

Soaring oil and gas prices may tempt investors to plough more funds into long-term projects, warns thinktank

Global oil prices have climbed to $90 a barrel, which could tempt investors to pile more cash into long-term fossil fuel projects, dashing the world's hopes to limit carbon emissions in line with climate targets and wasting billions in investment, according to a report.

Recent price rises could mean more potential projects appear to be lucrative investments in the short-term, the report by the financial thinktank Carbon Tracker says. But the analysis suggests demand for fossil fuels could begin to dwindle by the time these projects begin, creating a nightmare scenario" for investors and climate campaigners.