Oil and gas companies need to start planning for production cuts of 50 percent and more by the 2030s. That is, if they want to become aligned with Paris Agreement targets, said financial think tank Carbon Tracker in a new report this week. The report said oil and gas majors were still spending billions on oil and gas production and new projects. However, these investments are inconsistent with the 1.5-degree scenario outlined in the Paris Agreement. What’s more, the report’s authors said, even Big Oil majors with net-zero commitments were investing in new production. And with this, they are risking the future of these projects. “Oil and gas companies are betting against the success of global efforts to tackle climate change,” said Mike Coffin, head of oil, gas, and mining at Carbon Tracker and one of the authors of the report. “If they continue with business-as-usual investment they risk […]