· 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: The Carbon Tracker thinktank's analysis reveals none of the world's 25 largest oil and gas companies are on track with the 2015 Paris climate agreement goals
• Despite public commitments to curb emissions and support the energy transition, all assessed firms received failing grades on alignment with limiting global warming to well under 2 degrees Celsius
🔭 The context: The report evaluated companies based on their exploration, production plans, investments, carbon emission reduction targets, and executive bonus policies
• Grades ranged from A (potentially aligned) to H (furthest from alignment), with no company achieving better than a D grade
• The assessment highlighted significant discrepancies among companies' efforts towards climate goals.
🌍 Why it matters for the planet: Almost all companies, except Chesapeake Energy, plan to expand fossil fuel production shortly
• This expansion is at odds with global efforts to reduce emissions and combat climate change, illustrating a substantial gap between corporate climate pledges and actionable plans to meet those commitments
⏭️ What's next: The analysis suggests a pressing need for government intervention to manage the oil and gas industry's phaseout effectively
• Recent dilutions of climate targets by major companies like Shell and BP, alongside significant fossil fuel expansion plans, underscore the urgency of holding firms accountable for their impact on climate change
💬 One quote: "No one would trust an arsonist promising to light fewer fires, and no one should trust big oil and gas climate pledges and plans," (David Tong, global industry campaign manager at Oil Change International)
📈 One stat: BP, among the assessed companies, aims to reduce its fossil fuel production by 2030, while ConocoPhillips plans a 47% production increase by decade's end compared to its 2022 output
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