Beautiful Virgin Islands

Saturday, Sep 06, 2025

Fossil fuels: 20 oil and gas firms who support Paris Agreement projected to spend $932bn on new sites by 2030

All 20 firms have voiced support for the Paris Agreement, but UN scientists warn any new oil and gas sites would put 1.5C Paris goal beyond reach. 20 fossil fuel firms including Shell and BP are projected to spend $932 billion (£715 bn) on new oil and gas fields by 2030.
All the oil majors have pledged support for the Paris Agreement, which commits to limiting global warming to ideally 1.5C above pre-industrial levels - firms who hadn't were discounted from the list.

The analysis from campaigners Global Witness and Oil Change International comes a week after the United Nations (UN) called it "moral and economic madness" to invest in new oil and gas.

UN scientists (IPCC) warned those assets risked becoming stranded by mid-century, and that new fossil fuel projects would tip the world well over the 1.5C Paris target.

Investments from companies that say they are aligned with Paris look "deeply hypocritical" and stand in "stark contrast" with the IPCC's findings, said Global Witness campaigner Barnaby Pace.

Russian state company Gazprom topped the list with a predicted spend of $138bn (£105bn), Shell ranked ninth with $46bn and BP fourteenth with $30bn, according to the researchers' analysis of Rystad Energy data.

The figures cover new oil and gas sites being explored or developed, not those already up and running.

"We aren't ready to stop using oil and gas overnight, but these are investments in new oil and gas fields that will be only coming online in years or decades to come," added Mr Pace.

By the end of 2040, the collective spend is expected to reach $1.5 trillion, the analysis shows.

Clean energy investments by the oil and gas industry accounted for around 1% of total capital expenditure in 2020, according to the International Energy Agency.

ExxonMobil - which ranked second with a projected spend of $83bn - said it planned to invest $15bn in "lower-emissions technologies". These include hydrogen, biofuels, and technology to suck carbon out of the air - which scientists say is necessary and should be reserved for very limited sectors - but not renewable energy, other than to electrify some operations.

Shell expects a gradual decline in total oil production of about 1-2% a year, and plans to invest around £15bn in "low and zero-carbon" energy - including offshore wind and hydrogen - in Britain, representing 75% of their UK investment.

Chevron said oil and natural gas are "critical to ensuring reliable energy for decades" and it was reducing the emissions from the extraction process.

"As the energy transition unfolds, demand for fossil fuels will likely fall and companies must ensure that they... don't sanction high cost products that are not needed and ultimately will fail to deliver a return to their shareholders," said Mike Coffin from financial think tank Carbon Tracker.

That means companies planning on sanctioning new oil and gas projects are "thus effectively betting both on the collective failure to limit warming to 1.5 degrees, and on [the failure of] renewables and technologies such as battery storage to substitute for oil and gas," he said.

The British Government last week sparked criticism when it confirmed in its new Energy Security Strategy it would grant new licences for new oil and gas fields in the North Sea.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
×