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Big Oil Not Cutting Emissions Fast Enough to Meet Paris Goals

Published: 7.5.2023

The world's biggest oil and gas companies are not cutting emissions fast enough to meet the goals of the Paris Agreement, according to a new report by CDP, a nonprofit that tracks environmental data from companies.

The report, which assessed 100 of the world's largest oil and gas companies, found that none of them are on track to cut emissions at a rate sufficient to align with a 1.5°C pathway over the next five years. This is the lower emissions target set by the Paris Agreement, which aims to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.

The report also found that 81 of the 100 companies assessed do not show any significant reduction in production before 2030. This is despite the fact that the International Energy Agency (IEA) has said that global oil and gas production needs to peak by 2027 in order to meet the goals of the Paris Agreement.

Only three of the 100 companies assessed are investing more than 50% of their budget in low-carbon technologies. This is even though the IEA has said that $2 trillion per year in investment is needed in clean energy technologies by 2030 to meet the goals of the Paris Agreement.

The report's findings come as a blow to the oil and gas industry, which has been under increasing pressure to reduce its emissions. The industry has argued that it is taking steps to reduce emissions, but the report's findings suggest that these steps are not enough.

The report's findings also underscore the difficulty of making the world greener. The oil and gas industry is a major emitter of greenhouse gases, and it will be difficult to reduce emissions from this sector without significant investment in low-carbon technologies.