Oil firms have gap big gap between plans and climate pledges

Reuters News
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Posted: Nov 24, 2015 1:07 PM

OSLO (Reuters) - The fossil fuel industry is still laying plans for long-term investments and growth that are at odds with many companies' commitments to cut greenhouse gases to slow climate change, according to a study released on Tuesday.

The report, by London consultants Critical Resource, said there was a "yawning gap between what the industry is currently doing and what it would need to do" to be compatible with a limit to warming of 2 degrees Celsius (3.6 Fahrenheit).

It recommended more ambitious policies for carbon capture and storage and new strategies to help developing nations manage recent discoveries of fossil fuels.

The study's panel of advisers included John Browne, former CEO of BP, and Connie Hedegaard, former European commissioner for climate action.

(Reporting By Alister Doyle; Editing by Kevin Liffey)