Big Oil Betting Billions on Global ‘Climate Catastrophe’

The world’s biggest oil producers are spending billions of dollars on fossil fuel projects that will only be needed if the world misses key climate goals, according to Carbon Tracker, a nonprofit think tank.

Companies invested $58 billion in oil and gas projects in 2021 and 2022 that will only be required if fossil fuel demand grows to a level at which scientists forecast a “climate catastrophe,” the London and New York-based researcher said in a report. They may pull the trigger on a further $23 billion of investments next year that would help warm the planet more than 2.5 ...