Oil Giants Invest $110 Billion In New Fossil Fuels After Spending $1 Billion On Green PR - News Summed Up

Oil Giants Invest $110 Billion In New Fossil Fuels After Spending $1 Billion On Green PR


The world’s five largest publicly traded oil companies are increasing their investments in oil and gas, putting a combined $110 billion in new fossil-fuel production. Meanwhile, those firms are projected to spend just $3.6 billion on low-carbon investments, such as biofuels and renewables, according to a new analysis that Influence Map, a British nonprofit that analyzes corporate influence on climate policy, derived from industry data and numbers buried in company disclosures. The totals represent “significant efforts to maintain public support on climate while holding back binding policy,” the nonprofit group said in its report, published Thursday evening. “As the pressure of climate change and the actual physical manifestations of it become accelerated, this account of what oil majors consider to be ‘on board with climate change’ becomes disconnected from reality,” Dylan Tanner, executive director of Influence Map, said by phone. “You have an extreme lobbying disconnect, and then you have a disconnect on their branding and their role in the solutions.”


Source: Huffington Post March 22, 2019 00:00 UTC



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