World’s largest oil companies ‘way off track’ on emissions goals, report finds
https://www.theguardian.com/us-news/2024/mar/22/oil-companies-emissions-goals-report
Despite splashy climate pledges, firms including BP and Saudi Aramco have plans to expand fossil fuel production, says analysis
In recent years, virtually all of the world’s largest oil companies have made splashy climate pledges. But when it comes to actually slashing emissions, those firms are “way off track”, a new report has found.
The analysis from the thinktank Carbon Tracker assessed the production and transition plans of 25 of the world’s largest oil and gas companies. None align with the central goal of the 2015 Paris climate agreement to keep global warming “well under” 2 degrees above pre-industrial levels, the report found.
“Companies worldwide are publicly stating they are supportive of the goals of the Paris-Agreement, and claim to be part of the solution in accelerating the energy transition,” said Maeve O’Connor, analyst at Carbon Tracker and co-author of the report. “Unfortunately, however, we see that none are currently aligned with the goals of the Paris agreement.”
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The analysis comes as oil and gas companies are publicly reneging on their climate commitments. Shell last week watered down earlier emissions targets, following BP, which made a similar announcement last year. In October, ExxonMobil also made a deal to buy the shale group Pioneer Natural Resources, while Chevron announced plans to acquire the Texas oil company Hess – marking two of the country’s largest oil and gas deals in decades.
https://www.theguardian.com/us-news/2024/mar/22/oil-companies-emissions-goals-report
