By one estimate, they are responsible for more than one-tenth of all CO2 that has been emitted since 1965. Major emittersĭue to the use of their products, Chevron, ExxonMobil, BP and Shell are associated with globally significant shares of greenhouse gas emissions. While their oil-and-gas production has remained consistently high, less than 1% of their capital investment went into low-carbon technology between 2010-2018, the study concludes.Īn expert who was not involved in the new research tells Carbon Brief that it provides “robust” evidence that fossil fuel companies are “not walking the talk when it comes to addressing climate change”. However, having analysed how the four companies’ commitments align with their climate action and spending, the authors of the new study question the extent of these investments. In the UK, BP has argued against an additional “ windfall tax” in response to the crisis, partly on the basis that it would hamper the firm’s planned low-carbon investments.
The study, published in PLOS ONE, comes in the wake of record profits for the fossil fuel industry as the global energy crisis bumps up oil-and-gas prices.
Mentions of climate change and low-carbon energy have roughly tripled in annual reports from Chevron, ExxonMobil, BP and Shell over the past decade.īut even as these firms issue pledges to cut emissions and invest in renewables, the study concludes that such a transition is simply “not occurring” as all four companies continue to focus primarily on producing fossil fuels. Four of the world’s largest oil-and-gas companies are failing to back their words and pledges on climate change with genuine action and investment, a new study says.
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