An aerial view shows storage tanks at Chevron Products Company’s El Segundo Refinery located near a residential area at dusk in Manhattan Beach, California, on January 24.
Patrick T. Fallon / AFP via Getty Images
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Patrick T. Fallon / AFP via Getty Images
An aerial view shows storage tanks at Chevron Products Company’s El Segundo Refinery located near a residential area at dusk in Manhattan Beach, California, on January 24.
Patrick T. Fallon / AFP via Getty Images
Four major oil companies are not taking concrete steps to fulfill their pledge to transition to clean energy, new research has found.
Study, published Wednesday in the journal PLOS One, found that Chevron, ExxonMobil, BP and Shell use terms like “climate”, “low carbon” and “switching” more often in recent annual reports, and outlined strategies around the process. decarbonization process. But their actions on clean energy are largely committed and companies remain financially dependent on fossil fuels.
Therefore, we conclude that the transition to clean energy business models does not occur, because of the size of investment and actions do not conform to the discourse”.
“Until investment actions and conduct are brought into line with the discourse, allegations of greenwashing appear grounded,” they added.
The four major oil companies that the study focused on account for more than 10% of global carbon emissions since 1965, the researchers say.
Global energy companies have promises a transition to clean energy – or at least reduce their carbon footprint – as pressure grows from environmental advocates, shareholders and governments to reduce greenhouse gas emissions in order to avert the worst effects of Climate Change.
The companies have received particular heat from critics who say they misleading the public about the dangers of climate change for many years and is currently doing too little to tackle the warming planet.
However, the energy industry has yet to agree on the exact way to achieve that goal, and the study concludes that the world’s largest publicly traded oil and gas companies are underperforming their goals. their clean energy consumption.
The paper found little evidence of a major shift away from fossil fuels
Using data collected between 2009–2020, the researchers found that companies often talk about transitioning to clean energy without making drastic changes that would allow them to make the switch. throughout the company.
For example, the newspaper said BP and Shell had committed to reducing investment in fossil fuel mining projects. Instead, they have increased the area for new oil and gas exploration in recent years.
The researchers said they found no evidence that companies are investing in clean energy at a scale that allows them to shift away from fossil fuels.
In fact, the study noted: “Clearly, ExxonMobil did not generate clean energy over the course of a decade.” BP’s global renewable energy capacity – the largest of the four – is only 2,000 MW, or the equivalent of about two large gas-fired power plants.
In addition, two European companies – BP and Shell – more consistently acknowledge climate science, invest more in clean energy and take more aggressive steps than their US counterparts – ExxonMobil and Chevron – capital “represents a defensive attitude” towards investments in renewables and away from fossil fuels, article finds.
Companies say they are moving towards clean energy
A spokesperson for Chevron, which is based in San Ramon, California, said the company could not comment directly on the article because they had not seen it, but that Chevron is focused on “reducing the carbon intensity of its operations.” us and seek to develop lower-carbon businesses alongside our traditional businesses.” Chevron is planning to invest $10 billion in lower carbon investment in 2028.
BP, which is headquartered in London, said through a spokesperson that because the company has made great progress towards its unreal goal of 2021, it does not believe this article completely solves the problem. Love your progress. For example, the company said it invested $1.6 billion in low-carbon energy last year. BP also reported that its oil and gas production declined over the period the researchers studied.
A BP spokesperson said: “We have made important strategic advances – for example, quadrupling our renewable energy pipeline and nearly doubling our EV charging points since 2012. 2019 – and recently further defined and developed both our strategy and our net ambitions,” said a BP spokesperson. The study says BP stands out for “increasing the share of investments in non-fossil fuel businesses and gradually reducing hydrocarbon production … and exploration.”
A Shell spokesperson said the company, which is also headquartered in London, is aiming for net zero emissions by 2050 – including the energy the company uses and sells – and this is an energy company. first submitted its transformation plan to shareholders, who approved it.
ExxonMobil says it expects to produce oil and gas A spokesman said it will be more or less stable through 2025. The Irving, Texas-based company has also vowed to invest $15 billion in lower-emissions investments through 2027 and has “done more than 20 lower-emissions projects around the world.”
