Energy majors ‘spend 90%’ on fossil fuels despite climate pledges
23/07/2020: Paris (AFP)
Energy giants Shell and Total continue to invest 90 percent of their capital on planet-warming fossil fuels despite promises to slash their greenhouse gas emissions, according to an industry analysis seen exclusively by AFP.
With combined emissions equivalent to that of Germany — the world’s fourth largest economy — both companies are likely to fall “well short” of their own sustainable investment targets, the Institute for Energy Economics and Financial Analysis (IEEFA) said.