Climate targets can't be achieved, say energy companies

In a sign that some of the oil majors, which are preparing to announce 60pc-70pc drop in net profits this week, are becoming bolder in their opposition to international efforts to reduce carbon dioxide emissions by 80pc over the next four decades, a senior executive who spoke to The Sunday Telegraph said there was currently a large degree of wishful political thinking about the changes targeted by the global summit.

“If you look at the Copenhagen targets they are basically completely illusory,” he said. “There’s no way to hit those targets and it would be very silly to think that we can.”
The move comes as analysts expect Shell, which has cut hundreds of jobs in a company-wide restructuring this quarter, to reveal net profits of approximately $2.5bn (