Major oil and gas firms fall short of Paris climate targets: Study
The Gap Between Pledges and Reality: Big Oil’s Climate Failures
When it comes to meeting the climate targets outlined in the Paris agreement, the world’s largest oil and gas companies are missing the mark by a wide margin, a recent report from the climate think tank Carbon Tracker reveals.
None of the top 25 oil and gas giants are currently considered ”Paris compliant,” failing to align their practices with the 1.5-degree Celsius warming limit stipulated in the accord.
Grading for Compliance
The report evaluated these companies based on various metrics, including their current operations, investment strategies, production plans, approved projects, and emission reduction targets. Companies were graded on a scale from ‘A’ to ‘H,’ with ‘A’ representing the closest alignment to the 1.5-degree Celsius target and ‘H’ representing the furthest deviation, potentially leading to a 2.4-degree Celsius temperature rise by 2100.
- The top performer, BP, received a D- grade, while ConocoPhillips ranked at the bottom with an H.
- Notably, three of the lowest-scoring firms—ExxonMobil, Pioneer, and ConocoPhillips—are based in the U.S.
Despite industry promises to reduce emissions and improve practices, such as curbing methane releases, companies like ConocoPhillips, Saudi Aramco, Pioneer, and ExxonMobil are falling short in their climate commitments.
During an industry event in Houston, Saudi Aramco CEO Amin Nasser emphasized the need for investing in cleaner technologies rather than hastening the transition to renewables.
The disconnect between corporate rhetoric on climate action and their actual investments and operations underscores the urgent need for accountability from stakeholders. Analyst Maeve O’Connor, a co-author of the report, pointed out the discrepancies.
Companies must be held accountable for their actions; the report provides critical evidence for investors and other stakeholders to demand more transparency and action in line with the Paris Agreement goals.
The report’s findings serve as a wake-up call for the industry, highlighting the imperative to reconcile ambitious pledges with tangible efforts to address the challenges of climate change.
The Washington Examiner reached out to ExxonMobil, Pioneer, and ConocoPhillips for their responses to the report but has yet to receive a comment.
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