Study: No top oil companies aligned with Paris climate goals

Zack Budryk

None of the 25 biggest oil and gas companies is on track to meet the goals of the Paris Climate Agreement, according to research released Friday by the climate finance think tank Climate Tracker.

Researchers with the organization scored major fossil fuel companies on five metrics, including investment options, production plans, sanctions on recent products, incentives for remuneration and emissions reduction targets. In each category, the companies scored between 0 and 4, with 4 representing the closest alignment.

They assigned each company a grade of A through H, with A representing the closest to full alignment with Paris goals of keeping warming below 1.5 degrees Celsius, and H representing a strategy aligned with 2.4 degrees or more.

The report found the company most aligned with Paris goals was BP, which still received a grade of D-, while ConocoPhillips scored an H, the only company to receive the lowest grade. Of the five bottom scorers, three — ConocoPhillips, Pioneer and ExxonMobil — are based in the U.S.

Scores were particularly out of alignment with Paris when it came to emissions targets. None of the 25 companies scored a 4 on this metric, and only one, Italian oil company Eni, scored a 3. The majority of companies — 16 — scored a zero on emissions reductions.

“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,” report author Maeve O’Connor said in a statement. “Unfortunately, however, we see that none are currently aligned with the goals of the Paris Agreement, albeit there are clear differences between companies.”

The report comes months after the COP28 climate summit in Dubai, where despite widespread criticism of an oil executive as head of the summit, attendees reached an agreement to begin the transition away from fossil fuels for the first time in the summit’s history.

A BP spokesperson declined to comment.

Courtesy: thehill