Energy giants face 35% output cut to hit Paris climate goals: Watchdog

The biggest listed oil and gas giants must slash production by more than a third by 2040 to keep emissions within targets laid out in the landmark Paris climate deal, an industry watchdog said Friday.

Carbon Tracker, a Britain-based think tank, said that current rates of emissions from the energy majors would see the world’s carbon budgets surpassed within decades due to an inexorable rise in oil and gas output.

The 2015 Paris deal enjoins nations to limit temperature rises to “well below” two degrees Celsius (3.6 Farenheit) and to a safer cap of 1.5C if at all possible.

In order to hit these targets, the world must undergo a drastic drawdown in emissions of planet warming greenhouse gases.