Climate Home: French oil major to cut back on expensive tar sands development and avoid the Arctic, raising the bar for industry action on climate change
Shell's ill-fated Polar Pioneer rig was destined for the Arctic
Total is slashing expensive oil ventures in line with international efforts to hold global warming below 2C.
The French oil major is reducing its exposure to tar sands and avoiding the Arctic ice pack. When deciding where to drill, it assumes a carbon price of US$30-40 a tonne.
That...