Fossil Fuel Companies Facing 'Moment Of Truth' Ahead Of COP28
Fossil fuel companies are facing a 'moment of truth' ahead of next week's COP summit.
A report from the International Energy Agency shows they are investing twice as much money in oil and gas as they should.
The world energy watchdog said the fossil fuel sector has had what it described as a "minimal" effect on clean energy transitions.
The IEA says they only contribute to one percent of the globes entire investment in renewables.
The body says that split needs to be closer to 50-50.
Globally - these companies reported over three trillion euro in revenues over the past number of years.
It comes ahead of COP28 in Dubai which starts next week.
While, there's a UN report earlier this week which showed with current policies the globe is on track for a three degree temperature rise - double the agreement in the Paris Accord in 2015.