The new briefing, titled ”Investing in Disaster”, exposes the countries and companies that have approved the most new oil and gas extraction in 2022, and that could be responsible for major expansion through 2025.
The briefing reveals that new oil and gas production approved to date in 2022 and at risk of approval over the next three years could cumulatively lock in 70 billion tonnes (Gt) of new carbon pollution. This is equivalent to almost two years’ worth of global carbon emissions from energy at current levels, 17 percent of the world’s remaining 1.5°C carbon budget, or the lifecycle emissions of 468 coal power plants.
The report finds the oil and gas majors are involved in over 200 expansion projects on track for approval from 2022 through 2025. If they go forward, these companies’ investments could create an additional 8.6 billion tonnes (Gt) of carbon pollution – equivalent to the lifetime emissions of 77 new coal power plants.
In what can only be described as both shocking and unsurprising at the same time, yesterday Greenpeace’s investigative journalism outfit, Unearthed, released video of two high-ranking ExxonMobil lobbyists (one current, one recently left the company) saying the quiet part out loud about Exxon’s ruthless political efforts to stall progress on the climate crisis and protect … Read More
It has been a terrible, horrible, no good, very bad week or so for Big Oil…and that’s a very good thing for our climate. Let’s recap: Last week, the International Energy Agency released the groundbreaking “Net Zero by 2050” report, which they described as “world’s first comprehensive study of how to transition to a net zero … Read More
When President Joe Biden signed his first set of Executive Orders on Climate Change and cancelled the Keystone XL pipeline project soon after his inauguration, he sent a very clear message to the global fossil fuel industry: it’s no longer going to be business-as-usual with fighting the existential threat that climate change poses to humanity.
Last year, we rated ExxonMobil as “grossly insufficient” on all ten of the criteria. There are tiny steps forward in the new announcement, but nothing that changes any of our ten metrics from “grossly insufficient” to “insufficient,” let alone to even “partial alignment.”
For those hoping that the duel whammy of the pandemic and our climate emergency would belatedly and finally pivot Exxon away from fossil fuels, this is not going to happen. The company just wants to carry on drilling.
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.
Earlier this week, Exxon’s PR juggernaut won a victory as they achieved some breathless coverage of their contributions toward an effort by former Republican officials to push a carbon fee and dividend policy proposal forward. But, if you get beyond the smoke and mirrors of Exxon’s public relations, you’ll see this effort for what it … Read More