Some of the world’s worst polluting companies, including BP and Shell, have been regularly lobbying the UK Government offering money to be part of next year’s UN COP26 conference.
Being a “leader” among laggards doesn’t cut it when we’re in a climate emergency – a crisis that the oil and gas industry has done the most to cause.
Our new discussion paper analyzes the current climate commitments of eight of the largest integrated oil and fossil gas companies, and reveals that none come close to aligning their actions with the urgent 1.5°C global warming limit as outlined by the Paris Agreement.
Today, alongside its second-quarter results, BP announced that it will cut oil and gas extraction — excluding its major share in Russian oil giant Rosneft — by 40% by 2030.
This is a big moment for Big Oil. Climate reality has finally caught up with BP’s corporate dreamland that it could carry on drilling forever.
Exxon, which has been bruised, battered and bloodied by a catastrophic collapse in the oil price, and is haemorrhaging money, wants us all to drive over a climate cliff too. It is reckless corporate behaviour, which the executives must know will cost lives.
OCI is producing weekly news and resources updates for allies as part of our response to the COVID-19 crisis.
Shell is in trouble. BP is in trouble. So too is Exxon.
You cannot underestimate that seismic shift going on as investors, often drunk on big oil profits, now just face uncertainty and loss. The oceans are awash with bobbing tankers full of oil, with no market to sell them. The industry is paralysed by the pandemic.
Big Oil faces a new reality where “everything has changed.” Even their long-term survival.