State-owned oil companies are on course to invest $400 billion in oil and gas projects that could only break even if the world exceeds the Paris Agreement targets, a think tank has said in a new report . “State oil companies’ investments could pay off, or they could pave the way for economic crises across the emerging and developing world, and necessitate future bailouts that cost the public,” the Natural Resource Governance Institute said. “Some oil-dependent governments in Africa, Latin America and Eurasia are making particularly risky bets with public money.” “Either the world does what’s necessary to limit global warming, or national oil companies can profit from these investments. Both are not possible,” the authors of the report also said. The report recognizes that state-owned oil companies don’t have much incentive to reduce their investments in new oil and gas production given their governments’ reliance on oil revenues. […]