Oil companies risk wasting $2.3 trillion of investments should demand peak in the next decade as the world works toward its goal of limiting global warming, according to a report from Carbon Tracker.
Exxon Mobil Corp. is the most exposed oil major with as much as 50 percent of potential spending to 2025 on projects that wouldn’t be needed as the world changes its energy mix to meet climate targets, according to the report published on Wednesday in collaboration with the Principles for Responsible Investment. Royal Dutch Shell Plc, Chevron Corp., Total SA and Eni SpA risk wasting as much as 40 percent of expenditure and BP Plc up to 30 percent.
