The state oil company of the United Arab Emirates, whose CEO will preside over imminent UN climate negotiations, has the largest net-zero-busting expansion plans of any company in the world, according to new data.
The data shows that almost all companies are ignoring warnings from climate scientists that new oil and gas fields cannot be developed if global temperature rise is to be kept to the internationally agreed 1.5C limit. It also shows that: $140bn has been spent by the industry on exploration for new oil and gas reserves since 2021. 96% of the 700 companies that explore or develop new oil and gas fields are continuing to do so. More than 1,000 companies are planning new gas pipelines, gas-fired power plants or liquified natural gas (LNG) export terminals.
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