Oil and Gas Companies Continue to Expand Despite the Climate Crisis

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At the UN Climate Change Conference two years ago, the world community had agreed on a move away from coal, oil and gas. But, above all, the US, China and Russia continue to do so as before.

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Despite worsening climate change, oil and gas companies continue their expansion. This is according to an updated database from the environmental organization Urgewald. The database, they say, includes more than 1,800 companies that extract oil and gas or develop new fossil fuel infrastructure. At the UN Climate Change Conference in Dubai two years ago, the international community had actually agreed to phase out coal, oil, and gas.

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The oil industry will avoid an escalation in CO₂ taxes, will be allowed to deduct climate costs from taxes – and will drop the promise of halving emissions. The community will pay the bill.