Top Oil Firms Climate Pledges Failing on Almost Every Metric Report Finds

The report assessed these companies against ten criteria and found that none of them were fully aligned with the 1.5°C goal. All eight firms were ranked as “grossly insufficient” or “insufficient” on nearly all metrics, raising concerns about their commitment to combating Climate change.

David Tong, the global industry campaign manager at Oil Change International, stated, “There is no evidence that big oil and gas companies are acting seriously to be part of the energy transition.” This sentiment was echoed by Allie Rosenbluth, US program manager at Oil Change International, who highlighted the particularly poor performance of American fossil-fuel corporations.

The research indicates that the current oil and gas extraction plans of these companies could lead to a global temperature rise of more than 2.4°C, far surpassing the critical 1.5°C threshold. The eight firms alone could use up 30% of the remaining global carbon budget, exacerbating the climate crisis.

The assessment divided the criteria into three categories: ambition to curb fossil fuel exploration and production, integrity of methods to curb greenhouse gas emissions, and commitment to a just and “people-centered” transition away from fossil fuels. None of the companies showed plans to halt fossil fuel exploration or new extraction projects. Six of the eight companies have set goals to increase production, with Shell planning to maintain oil production while boosting gas output.

Furthermore, the report criticized the integrity of the companies’ emission reduction methods, noting their reliance on carbon capture and storage, which is not yet viable at scale, and carbon offsetting, which has been linked to human rights violations.

In response, spokespersons from Shell, Equinor, and Eni have disputed the report’s findings, arguing that their plans and actions are misrepresented. Despite these rebuttals, the report, endorsed by over 200 climate groups, highlights a significant gap between the companies’ pledges and the urgent action needed to address the climate emergency.

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