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Big Oil's green-spending boost isn't big enough, IEA says

After the IEA's recent report showing a feasible pathway to stay below the Paris Agreement's 1.5 degree average temperature rise, several global fossil giants have been making more serious moves to gain green industrial absolution, not least after Shell, Chevron and Exxon's lashing last week, but the agency says this investment surge still won't suffice to steer the world away from peril.

Photo: Osman Orsal/Reuters/Ritzau Scanpix

The oil and gas industry is set to boost investments in clean energy this year, but that still won’t be enough to put the world on a path to limit a dangerous rise in global temperatures.

That’s the view of the International Energy Agency, which expects traditional fossil-fuel companies to increase climate-friendly investments to at least 4 percent of their capital spending, up from just 1 percent last year, according to a report Wednesday.

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