As most Big Oil majors have recently made commitments to reduce their carbon footprint and help tackle climate change more actively. According to a new report from anti-oil advocacy Oil Change International, however, they are all falling short of Paris Agreement targets.
“Each of them wants to remain a fossil fuel giant, only not look like one,” said Mark van Baal from Dutch-based shareholder advocacy group Follow This. “Apparently far more pressure from society and responsible investors is needed to make oil executives see the writing on the wall.
The Intergovernmental Panel on Climate Change has recommended that global CO2 emissions are halved by 2030 from 1990 levels in order to prevent average global temperatures from rising by more than 1.5 degrees Celsius.