Based on comparisons with the Integrated Assessment Model scenarios assessed by the Intergovernmental Panel on Climate Change (IPCC), the study revealed that the scenarios proposed by companies such as BP, Shell and Equinor range from 2°C to 1.5°C.
According to a UN report, the world is on course to produce around 110% more fossil fuels than is compatible with a 1.5°C future. Governments are planning to double fossil fuel production by 2030, whereas they have set “zero” targets.
The report warns that, although almost three-quarters of global GDP is covered by actual or planned net-zero strategies, the fossil fuel production gap remains incompatible with the objectives of the Paris Agreement.
