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.
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, according to a new study.
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, French oil major Total published a statement touting its ambition to “get to net zero by 2050”. In response, Oil Change International released the following statement.
Recent analysis shows that oil majors — including Oil & Gas Climate Initiative members — are set to spend hundreds of billions of dollars more on exploration and extraction of oil and gas that the world cannot afford to burn, eclipsing symbolic ‘low-carbon’ efforts.
Oil Change International and Platform express their solidarity with striking workers on platforms in the North Sea operated by French oil giant Total.
Oil majors are dumping Canada’s tar sands assets and investors are walking away from new projects. It’s the latest sign that the massive expansion the industry planned at the start of this decade is quickly falling apart. Canada’s status as one of the highest cost, highest carbon sources of oil is hurting the industry and … Read More