Despite bold climate promises, a new report indicates that major oil companies' plans fail to meet the necessary standards to limit global warming to 1.5C.
Dharna Noor reports for The Guardian.
In short:
- None of the eight largest US and European oil and gas companies' climate plans align with the 1.5C warming limit.
- All companies were found to have plans that are "grossly insufficient" or "insufficient" in nearly all of the 10 criteria assessed.
- US companies, including Chevron and ExxonMobil, were highlighted as particularly inadequate in their climate efforts.
Key quote:
"There is no evidence that big oil and gas companies are acting seriously to be part of the energy transition."
— David Tong, global industry campaign manager at Oil Change International.
Why this matters:
Failure to meet climate targets by major oil companies could lead to more than 2.4C of global temperature rise, resulting in severe climate consequences. These companies' current plans could consume a significant portion of the world's remaining carbon budget, worsening the climate crisis.
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