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Climate change risks-I: Ignore at your own peril
Apr 06: There is no denying the fact that in the midst of looking at immediate imperatives, oil & gas companies may end up ignoring the risks that climate change can entail.
8Even by projected New Policies Scenario (NPS) of the IEA, the quantum of emissions which will be let out would make the Paris goals unachievable, exhausting the carbon budget for the 1.5 degrees Celsius limit by 2022, and for a 2 degrees limit by 2034.
8The recommended upstream oil and gas investment by the IEA is USD 11.2 to 13.8 trillion over 2018 to 2040.
8Calculations show that between 78% to 96% of  this investment is incompatible with the Paris goals.
Clear risk
8The clear risk is that either this volume of investments makes the Paris goal unachievable. If the Paris emission goals are achieved, then the capital invested will be wasted, potentially leading to a massive economic crisis.
8Anyone with a 15 to 20-year horizon on the industry must not miss out on these risk factors.
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