Despite corporate messaging touting a low-carbon future, many of the world's top oil and gas companies are failing to meet global climate go
Despite corporate messaging touting a low-carbon future, many of the world's top oil and gas companies are failing to meet global climate goals. And they're making plans to expand. Nearly a decade on from the historic 2015 Paris Agreement, oil and gas companies are nowhere near meeting targets to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) — a goal that itself is becoming increasingly unlikely. That's the assessment of the latest report from Carbon Tracker, a London-based think tank that monitors how financial markets and investments can affect climate change. The evaluation compared 25 of the world's largest oil and gas companies, including BP, TotalEnergies, PetroChina and Saudi Aramco. "Companies worldwide are publicly stating they are supportive of the goals of the Paris Agreement and claim to be part of the solution in accelerating the energy transition," said Maeve O'Connor, an oil and gas analyst at Carbon Tracker and author of the report. "Unfortunately, however, we see that none are currently aligned with the goals of the Paris Agreement," added O'Connor. The report aims to hold companies to account, and influence climate action by making investors aware of the risks of continued reliance on fossil fuels, the burning of which is the largest contributor to planetary heating.
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