Major oil companies' climate plans fall short, report reveals

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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