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Top oil firms’ climate pledges failing on almost every metric, report finds

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By illuminem briefings

· 2 min read

Illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: Major oil companies’ climate pledges are failing, according to a report by Oil Change International
• The study found that plans from eight major US and European oil firms, including BP, Chevron, and ExxonMobil, do not align with limiting global warming to 1.5C

🔭 The context: The report assessed the companies using 10 criteria and rated their climate plans as “grossly insufficient” or “insufficient” across the board
• US companies Chevron, ConocoPhillips, and ExxonMobil scored the worst, and the analysis indicated these firms' plans could lead to a 2.4C rise in global temperatures

🌍 Why it matters for the planet: The findings underscore the urgent need for more robust and genuine actions from major fossil fuel companies to mitigate climate change
• The current plans threaten to use a significant portion of the remaining global carbon budget, endangering efforts to keep temperature rise within safe limits.

⏭️ What's next: The report calls for a more serious commitment from oil companies to halt fossil fuel exploration and adopt credible, science-based emission reduction strategies 
• Advocacy for stricter regulations and oversight on corporate climate actions is likely to intensify

💬 One quote: “There is no evidence that big oil and gas companies are acting seriously to be part of the energy transition,” said David Tong, global industry campaign manager at Oil Change International

📈 One stat: The report found that the eight firms are on track to consume 30% of the world’s remaining carbon budget to keep global warming under 1.5C

Click for more news covering the latest on Oil & Gas 

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