Key UN reports published in last two days warn urgent and collective action needed – as oil firms report astronomical profits
respectively. Shell said it would not pay any UK-imposed windfall tax this year as the profits were being offset against investment in North Sea fields.
Prof Myles Allen, at the University of Oxford, said: “The combined profits, taxes and royalties generated by the oil and gas industry over the past few months would be enough to capture every single molecule of CO2 produced by their activities and reinject it back underground.
Rockström was pessimistic about any breakthrough in the speed of climate action at the Cop27 climate summit, which he said would be dominated by nations such as Pakistan demanding funding to rebuild their countries after climate disasters. Rich, high-emitting nations have long rejected such claims, fearing unlimited liabilities.
Prof Michael Mann, at the University of Pennsylvania in the US, said it was important to note that progress was being made: “More work clearly needs to be done if warming is to be kept below 1.5C, but nobody foresaw the major policy progress in recent months in both Australia and the US. It is estimated that the US legislation will lower national emissions by 40% this decade. With US leadership, we can expect other major emitters to now come to the table at Cop27.
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