Paris (AFP) - Oil and gas projects approved by major fossil fuel companies over the last 20 months threaten both shareholder value and efforts to keep Earth from overheating, according to an analysis released Friday.
Eighteen major investments totalling $50 billion would only become profitable if the world exceeds the Paris climate treaty targets for capping global warming, Carbon Tracker, a non-profit financial think tank, concluded.
Similar infrastructure projects worth $21 billion dollars are waiting for a greenlight in the rest of 2019, the report noted.
Across all business sectors, global companies responding to pressure from society and shareholders are scrambling to lay out low-emissions pathways that are "Paris-compliant".
The Paris Agreement calls for blocking the rise in Earth's temperature to "well below" two degrees Celsius compared to preindustrial levels, and 1.5C if possible.
On current trends, the planet will warm about 4C by century's end.