Despite green promises, not a single oil major has targets that are aligned with the Paris Climate Agreement. This is the conclusion of a report from Oil Change International based on data from Rystad Energy.
Apparently far more pressure from society and responsible investors is needed to make oil executives see the writing on the wall.
All evaluated oil majors, save for BP, are on track to significantly increase their oil and gas production between now and 2030. Increasing oil and gas production is on a collision course with the Paris Climate Agreement. IPCC scenarios show that to have any chance to limit global temperature rise to 1.5 to 2°C, emissions have to go down this decade.
Many of the evaluated oil majors of promise to be ‘net zero by 2050’. Scrutiny of what ‘net zero by 2050’ actually means for the next decade shows that these promises are not credible, nor serious about reaching Paris.