World’s biggest oil and gas companies are nowhere near Paris climate goals: Report – Washington Examiner

The world’s largest oil and gas companies are falling well short of meeting climate goals set under the Paris climate accord, according to a new report underscoring the need for companies to take more urgent action to reduce their emissions and square their practices with promises to clean up the industry.

The analysis, published this week by the climate think tank Carbon Tracker, found that none of the 25 biggest oil and gas companies are currently considered to be “Paris compliant,” that is; in alignment with the 1.5 degree Celsius warming limit set under the Paris climate accord.

In fact, the report found that fossil fuel behemoths ConocoPhillips, Saudi Aramco, Pioneer, and ExxonMobil were ranked as the furthest from meeting those goals.

The report graded companies using a five-metric rubric; measuring current and future operations, investment options, production plans, newly approved projects, and emissions reduction targets.

They were then assigned scores ranging from ‘A’ through ‘H,’ with ‘A’ representing the closest to full alignment Paris warming limit of 1.5 degrees Celsius and ‘H’ representing the furthest from alignment with this target, with activities and investments that yield a temperature increase of at least 2.4 degrees Celsius by the end of the century.

The best-scoring company was BP, which received a letter grade of D-, the report found, while ConocoPhillips received the lowest-ranking score of an H.

Three of the five lowest-scoring companies — Exxon Mobil, Pioneer, and ConocoPhillips — are also U.S.-based.

The report comes as oil and gas firms have pledged to clean up their industry and reduce emissions and practices such as venting and flaring, which is known to emit large amounts of methane and other harmful greenhouse gases.

But they have also scaled up plans for production in recent months, citing an uptick in projected global demand as the world looks to build out dependable, dispatchable emissions-free sources of power.

Speaking at an oil and gas industry conference in Houston earlier this week, Saudi Aramco CEO Amin Nasser said companies should shift their focus toward cleaner technologies rather than the transition to renewable energy resources.

“We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately, reflecting realistic demand assumptions,” Nasser said at CERAWeek, hosted by S&P Global.

The report highlights the disparity between the company’s pledges and investments on climate change and their actions in this space, said Carbon Tracker analyst Maeve O’Connor, who co-authored the report.

“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,” O’Connor said.

“Unfortunately, however, we see that none are currently aligned with the goals of the Paris Agreement, albeit there are clear differences between companies,” she added.

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“This report gives evidence for investors and other stakeholders to hold companies to account.”

The Washington Examiner has reached out to Exxon Mobil, Pioneer, and ConocoPhillips for comment.

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