Well, Well: Study Shows European Oil Majors' Net-Zero Pledges Not Even Close To Enough
Claims by oil and gas companies that they are curbing their carbon emissions in line with net zero targets are overstated, according to a new review. The independent analysis of six large European corporations acknowledges they have taken big steps on CO2 recently.
In April, Shell became the latest to announce ambitious plans to be at net zero for operational emissions by 2050. But the authors say none of the companies are yet aligned with the 1.5C temperature goal. Scientists argue that the global temperature must not rise by more than 1.5C by the end of the century if the world is to avoid the worst impacts of climate change.
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But according to this new analysis, BP and Austrian company OMV are the only two oil and gas companies of the six assessed who have failed to align with the pledges made under the Paris climate agreement. "Is it sufficient? No, it's not," said Adam Matthews, co-chair of TPI. "There are ones that have more comprehensive commitments that put them on a path much closer to two degrees than some of the others."
Shell is classed as the most ambitious of the companies assessed and are the closest to a 2C warming scenario. However, despite Shell's stated commitment to having a net-zero energy business by 2050, TPI says that "the claim that it will be aligned with a 1.5C climate scenario is not consistent with our analysis."
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https://www.bbc.com/news/science-environment-52624695
