{"id":23041,"date":"2022-05-24T19:52:17","date_gmt":"2022-05-24T23:52:17","guid":{"rendered":"http:\/\/autosector.com\/?p=23041"},"modified":"2022-05-24T19:52:17","modified_gmt":"2022-05-24T23:52:17","slug":"heres-where-big-oil-stands-on-climate-plans-and-its-not-good","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=23041","title":{"rendered":"Here’s where Big Oil stands on climate plans \u2013 and it’s not good"},"content":{"rendered":"

Major US and European oil and gas companies are failing to meet the bare minimum of their promises to reach net zero by 2050 in order to align with the Paris Agreement, according to a new study released today.<\/p>\n

Big Oil\u2019s climate plan failure<\/h2>\n

The report, titled \u201cBig Oil Reality Check<\/a>,\u201d was released today by Washington, DC-based Oil Change International<\/a> in collaboration with over 35 global organizations. The report, which updates an inaugural 2020 study, analyzes the latest climate pledges of BP, Chevron, Eni, Equinor, ExxonMobil, Repsol, Shell, and TotalEnergies against 10 minimum benchmarks for alignment with the 1.5C temperature goal outlined in the Paris Agreement.<\/p>\n

The analysis provides new data on the climate crisis from the eight companies\u2019 near-term plans to develop new oil and gas extraction projects.<\/p>\n

The report finds the Big Oil and Gas are involved in over 200 expansion projects on track for approval from 2022 through 2025. If they go forward, these companies\u2019 investments could create an additional 8.6 billion tonnes (Gt) of emissions. Oil Change International reports that that\u2019s the equivalent of the lifetime emissions of a whopping 77 new coal-fired power plants.<\/p>\n

Oil Change International found that all eight of these companies\u2019 climate pledges and plans are grossly insufficient.\u00a0Chevron and ExxonMobil in particular are assessed as grossly insufficient on all criteria. Only Eni is \u201cclose to being aligned\u201d in one category:<\/p>\n

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Chart: Oil Change International<\/figcaption><\/figure>\n<\/div>\n

At Shell\u2019s AGM today in London, 80% of shareholders voted in support of Shell\u2019s climate strategy and the progress it had made in the past 12 months. That was down from the 89% that backed the strategy when it was unveiled in 2021. A group of around 50 shareholders protested:<\/p>\n

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