Big Oil Reality Check — Updated Assessment of Oil and Gas Company Climate Plans
MAY 24, 2022
Written by OCI TEAM
Endorsed by Amazon Watch, BankTrack, Bold Alliance, BothENDS, Campax, Christian Aid, Center for International Environmental Law, Climate Emergency Unit, Democracy Collaborative, Earthworks, Environmental Defence Canada, Èquiterre, Fossil Free Media, Friends of the Earth US, Global Witness, Greenpeace USA, Health of Mother Earth Foundation, Laudato Si Movement, Les Amis de la Terre, Milieudefensie, Positive Money, Power Shift Network, Power Shift Africa, Public Citizen, Rainforest Action Network, Reclaim Finance, Reclame Fossielvrij, Recourse, Shift: Action for Pension Wealth and Planet Health, SOMO, David Suzuki Foundation, Stand.earth, Urgewald, Women’s Earth & Climate Action Network, 350.org.
May 2022
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Published by Oil Change International.
Never before has the case for keeping oil, fossil gas, and coal in the ground been stronger. And despite an array of new ‘net zero’ pledges released in the past two years, the climate promises of major U.S. and European oil and gas companies still fail to meet the bare minimum for alignment with the Paris Agreement.
This report, titled “Big Oil Reality Check,” is an update from an inaugural 2020 study which analyzed the latest climate pledges of BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell, and TotalEnergies against 10 minimum benchmarks for alignment with the 1.5°C temperature goal outlined in the Paris Agreement. We reveal that these eight oil and gas companies alone are involved in over 200 expansion projects on track for approval from 2022 through 2025 — equivalent to the lifetime emissions of 77 new coal power plants.
Our analysis shows that all eight of these companies’ climate pledges and plans are grossly insufficient. Chevron and ExxonMobil are assessed as grossly insufficient on all criteria.
Ultimately, no major oil and gas company considered in this analysis comes anywhere close to the bare minimum for alignment with the Paris Agreement. The companies that have collectively done the most to fuel the climate crisis cannot be trusted to confront it meaningfully. Both public- and private-sector decision-makers must take action both to destroy the demand for fossil fuels and to choke off their production. Governments and the financial sector each have key roles to play.
One Comment
James Mawanda says:
May 24, 2022 at 12:40 am
I agree with the authors! The Big Oil Companies are not doing enough, yet they are at the forefront of the production of fossil fuels, their processing, and the subsequent delivery to the markets. I think one of the problems is that the governments in which these companies have headquarters have turned a blind eye to the activities of these Big Oils. Unfortunately, the actions of these companies have global coverage, meaning the impact is geographically covering the rich, emerging, and developing countries. On the other hand, most Big Oil Companies have their headquarters in the developed countries from where they operate and spread to the developing countries. Time and again, these companies are almost untouchables in the developing world, yet the same companies can be dragged to Courts of Law in their home countries. At the moment, there is a significant pipeline project being constructed, or have they started, which will run for several kilometers from Dar es Salaam to Uganda. When asked by media and the public whether or not France would finance the oil pipeline in the East African countries between Tanzania and Uganda, the French President, Emmanuel Macron, was clear that he would not ‘interfere’ in the sovereign matters of other countries! However, the big question remains: from which country do the companies involved in constructing the pipeline? The global energy dynamics are ambiguous and vague, always influenced and dictated by the global geostrategic and geopolitical interests.
In its effort to fight climate change, the International Energy Agency (IEA), in May 2021, resolved that there would be no more investment in fossil energy in all its member countries. It is a commonplace that most Big Oil companies are from the IEA member countries. How feasible and practical it is to enforce this resolution remains a dilemma.
All said, from a worldwide energy diplomatic perspective, the negotiations and bargaining is an ongoing process and a work in progress. I also think developing countries whose development and industrial dreams lie in the recent discovery of fossil energy resources should be substantially assisted in adopting clean, modern, and climate-friendly energy sources. Possibly, this avenue can convince the governments in these countries that are struggling amidst a trilemma of poverty, Agenda 2030, and climate change.
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