Global oil prices have climbed to $90 a barrel, which could tempt investors to pile more cash into long-term fossil fuel projects, dashing the world’s hopes to limit carbon emissions in line with climate targets and wasting billions in investment, according to a report.
Demand for oil and gas has rebounded strongly as the global economy bounces back from the economic slowdown triggered by the Covid-19 pandemic in 2020, leading toThe international oil price climbed from lows of about $20 a barrel in April 2020on Wednesday, and may reach $100 by the end of the year. Meanwhile gas prices have reached all-time highs in markets across Europe and Asia, fuelling a cost of living crisis.
“You can see the same over-investment story for gas,” said Mike Coffin, the head of oil and gas at Carbon Tracker and a co-author of the report. He advised oil and gas companies and their investors to “resist the temptation” to make long-term investments in new fossil fuel projects based on current market prices.
Wow!
There is a quick solution to all this: all global climate zealots, drop everything, live in a tent, and live off the land eating bugs
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