Business Maverick: Big Oil betting billions on global ‘climate catastrophe’

Companies invested $58-billion in oil and gas projects in 2021 and 2022 that will only be required if fossil fuel demand grows to a level at which scientists forecast a “climate catastrophe”, the London and New York-based researcher said in a report. They may pull the trigger on a further $23-billion of investments next year that would help warm the planet more than 2.5°C above pre-Industrial levels, said the report, titled “Paris Maligned”.

Even climate-friendly Democrats including President Joe Biden have been calling for more oil production this year as fuel prices spiked following Russia’s invasion of Ukraine. Industry executives including Chevron CEO Mike Wirth criticised the whiplash of being told to stop and start production, saying such policies inhibit long-term investment.

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