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Shell said in a statement that it has set out an “ambition” to halve net carbon emissions by 2050 “in step with society as it moves towards meeting the aims of Paris.”

“As the energy system evolves, so is our business, to provide the mix of products that our customers need,” Shell said.

BP said its strategy to produce low cost and low carbon oil and gas was in line with the International Energy Agency (IEA)forecasts and the Paris agreement.

“All of this is aimed at evolving BP from an oil and gas focused company to a much broader energy company so that we are best equipped to help the world get to net zero while meeting rising energy demand,” the company said in a statement.

Exxon, Chevron, Equinor and Total did not reply to requests for comment.

Nevertheless, the latest Carbon Tracker report said the big oil and gas companies spent at least 30% of their investment last year on projects that are inconsistent with the path to limit global warming to even 1.6 degrees Celsius.

“These projects represent an imminent challenge for investors and companies looking to align with climate goals,” the report warned.

Carbon Tracker’s calculations were based on three scenarios produced by the Paris-based IEA models of oil and gas supply under different warming pathways.

With fossil fuel supply on course to outstrip demand if the world is to limit warming at 1.5 degrees Celsius, the report assumed that the projects with the lowest production costs would be the most competitive.

“Demand for oil can be satisfied with projects that break even at below US40 per barrel and pursuing higher-cost projects risks creating stranded assets that will never deliver adequate returns,” the report said.

Benchmark crude futures were trading at around US62 per barrel on Thursday.

© Thomson Reuters 2019