Fossil fuel companies risk wasting up to $2.2 trillion in the next decade by pursuing projects that could be uneconomic in the face of international action to limit climate change, UK-based financial think-tank Carbon Tracker Initiative said Tuesday. Two-thirds of the total financial risks are currently earmarked for new and existing oil projects, the biggest fossil fuel sector at risk behind natural gas, according to the report. It said that around 20-25% of oil and gas majors’ potential investment is on projects that would not be needed in a scenario where the world agrees to limit climate change to 2 degrees. Due to the higher cost of developing oil shale and oil sands and Arctic oil, the total relates to only 11% of potential production, according to the report. Article continues […]