An oil flare burns at Repsol’s oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of assets between 2017 and 2021 in EDF’s analysis.
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Oil and gas giants are increasingly selling off dirty assets to private firms, amplifying concerns that the fossil fuel industry’s traditional dealmaking is not compatible with a net-zero world.
It comes at a time when oil and gas majors are under immense pressure to set short and medium-term targets in line with the goals of the landmark Paris Agreement. It is widely recognized that this accord is critically important to avoid the worst of what the climate crisis has in store.