Fossil FuelsBiggest Oil Firms "way off track" with Paris Climate Agreement goals

Biggest Oil Firms “way off track” with Paris Climate Agreement goals

Nearly all of the biggest oil firms in the world have made bold climate pledges in recent years. However, a recent investigation indicated that such companies are “way off track” when it comes to actually cutting emissions.

Twenty-five of the biggest gas and oil firms in the world had their production and transition strategies evaluated by the think tank Carbon Tracker. According to the research, none of them are consistent with the main objective of the 2015 Paris Climate Agreement, which is to keep global warming “well under” 2 degrees above pre-industrial levels.

Businesses all over the world are openly declaring their support for the objectives of the Paris Agreement and claiming to be a part of the answer in quickening the energy transition, according to Maeve O’Connor, co-author of the research and analyst at Carbon Tracker. Sadly, though, we can see that none of them currently support the objectives of the Paris Agreement.

Using a Paris alignment scorecard as a guide, the authors looked at the companies’ exploration and production plans, investments, carbon emission reduction targets, and executive bonus schemes.

Each corporation received a letter grade ranging from A to H, denoting its possible alignment with the Paris Agreement goals. An A score would indicate that its operations and strategy are consistent with a global warming of 2.4C above pre-industrial levels, while a H grade would indicate that it is the furthest from being aligned.

Based on the authors’ metrics, all the companies given a failing grade. But O’Connor pointed out that there “are clear differences between companies.”

BP, the top-ranked firm, given a D rating. ConocoPhillips was the only company to obtain a H grade, while Saudi Aramco, Petrobras of Brazil, and ExxonMobil all received G marks.

The research discovered that every company evaluated, except the gas provider Chesapeake Energy, intended to increase fossil fuel output shortly.

According to the analysis, only three businesses have plans to maintain current levels of output: UK-based Shell, Norway’s Equinor, and Spain’s Repsol. BP is the only corporation that plans to reduce its fossil fuel production by 2030. ConocoPhillips, on the other hand, plans to boost output by 47% by the end of the decade in comparison to its 2022 output, per the report.

The analysis released at a time when gas and oil firms are openly breaking their climate pledges. Following BP’s declaration from the previous year, Shell softened its earlier emissions targets last week. Two of the biggest oil and gas agreements in the history of the nation announced in October: ExxonMobil also struck an agreement to purchase the shale group Pioneer Natural Resources, and Chevron declared its intention to purchase the Texas oil giant Hess.

Research and advocacy group Oil Change International’s analysis from 2023 indicates that big oil’s climate plans are insufficient to meet global climate targets. According to Oil Change International’s global industry campaign manager, David Tong, both reports offer proof that “governments must step in to manage the phaseout of the oil and gas industry.”

He declared, “No one should trust big oil and gas climate pledges and plans, any more than they would believe an arsonist promising to light fewer fires.”

The yearly Cera Week in Houston, where oil and gas executives have been mocking the efforts and schedules associated with the phaseout of fossil fuels, also fell on the same week as the study launch.

According to Carbon Tracker, its most recent report may make CEOs more accountable.

Mike Coffin, head of oil, gas, and mining research at the thinktank, said, “This new scorecard enables investors to assess companies’ actions relative to peers, and to ask tough questions of company leadership on the realities of the energy transition and addressing climate change.”

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