Investments in some of the largest oil and gas producers are at risk because the companies rely on unproven technologies while putting the bulk of their spending into more fossil fuel production, according to a financial and environmental think tank. The Carbon Tracker Initiative, a London-based organization dedicated to examining financial impacts of the transition to a lower-carbon economy, said net-zero targets will not bring oil and gas companies into accord with the Paris climate agreement. The companies will need “absolute limits on future emissions and significant interim targets," the organization said in a report released May 12.
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