A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma in this September 15, 2015 photo. REUTERS/Nick Oxford
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Energy giants including ExxonMobil and Royal Dutch Shell risk wasting more than a third of their budgets on projects that will not be needed if climate targets are to be met, a think tank report shows. More than $2 trillion of planned investment in oil and gas projects by 2025 could be redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees Celsius, according to a report by the Carbon Tracker think tank and institutional investors.It compared the carbon intensity of oil and gas projects planned by 69 companies with requirements needed to meet the warming target set by the 2015 Paris Agreement, which will require curbing fossil fuel consumption. Sweden's largest national pension fund, AP7, one of the authors of the report, said last week it had wound down investments in six companies, including Exxon, which it said had violated the Paris Agreement.
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