Big Oil is failing to fulfill Paris Agreement climate targets. Their increase in fossil fuel production is inflaming global military conflicts, and boosting profits. Eight fossil fuel giants are on course to use 30% of the world’s remaining carbon budget for the 1.5°C goal. They have extraction plans consistent with more than 2.4°C of global temperature. Six oil majors have goals to increase oil and gas production within the next three years or beyond. This hike has fueled global military conflicts. Several are complicit in facilitating the supply of crude oil to Israel. After Russia’s invasion of Ukraine, six companies raked in $219 billion, more than double their profits compared to the previous year.
www.desmog.com/2024/06/19/inside-big-oils-business-as-usual-failure-on-climate-and-profits-from-war/