BP & Shell Privately Planning For 5C Warming While Publicly "Committing" To 2C Paris Target

[hatrack]

Oil giants Shell and BP are planning for global temperatures to rise as much as 5°C by the middle of the century. The level is more than double the upper limit committed to by most countries in the world under the Paris Climate Agreement, which both companies publicly support.

The discrepancy demonstrates that the companies are keeping shareholders in the dark about the risks posed to their businesses by climate change, according to two new reports published by investment campaign group Share Action. Many climate scientists say that a temperature rise of 5°C would be catastrophic for the planet.

ShareAction claims that the companies’ actions put the value of millions of people's pensions at risk. Two years after BP and Shell shareholders voted resoundingly in favour of forcing the companies to make detailed disclosures about climate risks, the companies have made unconvincing steps forward, according to the reports.

EDIT

Neither company sets targets to reduce emissions and BP’s total investment in renewable and clean technologies has actually shrunk since 2005, the reports said. That’s despite the company’s public-facing image of being “beyond petroleum”. BP invests just 1.3 per cent of its total capital expenditure in low-carbon projects while Shell has pledged to invest 3 per cent of its annual spend on low-carbon by 2020. Both companies assess the resilience of their businesses against climate models in which temperatures warm by between 3°C and 5°C.

EDIT

http://www.independent.co.uk/news/business/news/bp-shell-oil-global-warming-5-degree-paris-climate-agreement-fossil-fuels-temperature-rise-a8022511.html

[DK504]

1. I would very much like to see the Exxon research they launched in the

70's showing there will be global warming. In the 80's they buried it so fossil fuels would stay top dog. Gotta look for that.

These "people", well I can't call them pigs, I don't want to insult pigs, maybe cockroaches.

[hatrack]

2. Maybe you could ask "Wayne Tracker"

[Javaman]

3. At 5c BP & Shell will no longer exist. Nt

[NickB79]

4. 5C by 2050-2060 is human extinction level event inducing

Because that kind of a spike would almost guarantee 8+C by 2100, leaving half the planet a broiling hellscape. Only the poles would still be temperate.