Global oil prices have climbed to $90 a barrel, which could tempt investors to pile more cash into long-term fossil fuel projects, dashing the world’s hopes to limit carbon emissions in line with climate targets and wasting billions in investment, according to a report.
Recent price rises could mean more potential projects appear to be lucrative investments in the short-term, the report by the financial thinktank Carbon Tracker says. But the analysis suggests demand for fossil fuels could begin to dwindle by the time these projects begin, creating “a nightmare scenario” for investors and climate campaigners.
