10 Oil Firms Target 14% Output Increase by 2030 as Paris Goals Recede
Updated
Updated · The Guardian · Jul 7
10 Oil Firms Target 14% Output Increase by 2030 as Paris Goals Recede
1 articles · Updated · The Guardian · Jul 7
Summary
LSE analysis found 10 publicly listed oil companies, including Shell, ExxonMobil and Chevron, plan to raise production by an average 14% from 2024 to 2030.
High oil prices tied to Middle East wars have boosted profits and are feeding new drilling investment, while companies prioritize shareholder returns over earlier climate pledges.
The planned expansion exceeds the IEA’s 5.9% business-as-usual increase for oil and gas this decade, even though the agency says no new long-term projects fit a pathway below 2C.
BP illustrates the retreat: it cut renewable investment by $3 billion, lifted annual oil and gas spending to $10 billion, and joined peers that have rolled back green commitments.
The report argues rising output from majors such as Exxon, Chevron, Equinor and Petrobras pushes the industry further from Paris targets as heatwaves, fires and other climate risks intensify.
Banks are funding a $508 billion fossil fuel boom. Is this smart investing or the prelude to a global financial crash?
We face climate tipping points of no return. But could we trigger positive ones to win the race against fossil fuels?
Pacific nations call fossil fuels a survival threat. Can international law finally hold polluters accountable for their existence?
Oil Majors Plan 14% Output Surge by 2030, Defying 1.5°C Climate Target and Escalating Global Risks
Overview
Major oil and gas companies are planning to increase their production by 14% between 2024 and 2030, raising output from 22.90 to 26.16 million barrels per day. This expansion directly contradicts the urgent need to sharply reduce fossil fuel use to meet global climate goals, especially the 1.5°C target. As the world shifts toward lower carbon energy, continued investment in fossil fuels creates a risk that these assets may become stranded and economically unviable. The upward production trend highlights a growing disconnect between industry plans and the global imperative for rapid decarbonization.