Exxon and Chevron just lost their most important excuse for new oil drilling ...Middle East

Quartz - Economy
Exxon and Chevron just lost their most important excuse for new oil drilling
source : Quartz ( Middle East ) () 8
Time is up for any new oil and gas drilling worldwide, according to a major report from the International Energy Agency on May 18. The report lays out what IEA believes will be necessary to avert global warming of greater than 1.5 degrees Celsius above pre-industrial levels, the just-shy-of-catastrophe ceiling enshrined in the Paris climate agreement. The pathway to that goal is “narrow but still achievable,” the report says—but only if “there are no new oil and gas fields approved for development, and no new coal mines or mine extensions” beyond 2021.To be clear, the report still leaves considerable room for continued fossil fuel production from existing fields—by 2050, in the IEA scenario,

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