Report: 'Carbon Bombs' Are Poised To Screw Us Over Big Time

An anonymous reader quotes a report from Gizmodo: Oil and gas companies are gearing up to invest in so many new projects that they'll blow away potential progress to mitigate emissions and stop worst-case climate scenarios, says a new investigation from the Guardian. Why describe them as bombs? If completed, these projects would push climate change well past the 1.5-degree Celsius warming target that the Paris Agreement has set for the world. These projects would literally blow through our carbon budget, the Guardian reports. But how will this be financed? Oil prices are currently sky high at the pump, and the two largest petroleum companies in the U.S. -- Chevron and ExxonMobil -- have raked in record profits. That means that large fossil fuel companies can bet on expansion projects that could dish even bigger payouts, the Guardian found. [...] The Guardian's investigation found that about 60% of these projects are already pumping, and Canada, Australia, and the U.S. are among the nations with the biggest fossil fuel project expansion plans. The commitment to these projects is pretty clear. Large companies, including Shell, Chevron, BP, PetroChina, and Total Energies, are set to spend over $100 million a day for the rest of this decade on creating projects in new oil and gas fields. This is despite the fact that we might be on track to meet 1.5 degrees of warming in the next four years. In an editorial follow-up to their investigation, the Guardian says "governments much find ways to promote the long-term health of the planet over short-term profit." They added: "There is no alternative but to force companies to write off the most dangerous investments."

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