Countries have less than three years to cut carbon emissions from global heating and less than a decade to cut them by nearly half to ensure a “livable future”.
According to a report published by Carbon Tracker, the climate commitments of global energy giants lack credibility because they rely on expensive technologies that have not yet been proven at scale.
Despite a set of new targets set by the world’s 15 largest energy companies, most have yet to commit to absolute emissions reductions, a nonprofit think tank that studies the impact of climate change on financial markets said on Thursday.
So far, it has found that only four companies have made commitments that include reducing emissions from the use of their products, such as burning gasoline in cars.
Only four are set for 2030 Emission reduction targetwhich is important for driving rapid progress and evaluating developments.
“Setting appropriate goals is only the first step,” says Carbon Tracker in its 2022 report About the energy industry.
“The approach to achieving reductions must be credible to ensure that the stated reductions occur without increasing the transition risk for shareholders,” it added.
The think tank, which developed a set of criteria based on how energy companies intend to achieve emissions reductions, found that reducing existing assets was the best way to reduce climate impact and investor risk.
The report criticized the use of divestitures as a method because the carbon footprint of selling companies is reduced, but in reality, pollution is often just transferred to the new owners, who may even run them in a less responsible way.
Countries have less than three years to reduce the rise in carbon emissions that are causing the planet to warm, and to cut carbon emissions by nearly half in less than a decade to ensure a “livable future,” according to a report The recently released Intergovernmental Panel on Climate Change (IPCC) report.
Nearly 200 countries agreed to pass Glasgow Climate Pact At the 26th Conference of the Parties (COP) in Scotland last November.nation Commit to a climate deal Reduce greenhouse gas emissions to stop global warming above 1.5C (2.7F).
protocol Criticized for failing to set stricter targets to combat rising temperatures. A temperature increase of more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) would create climate catastrophe, from extremely high sea levels to wildfires that have been rising for the past few years.
Scientists say current emissions put humans on track for a temperature rise of about 3.2C (5.8F) by the end of the century.
Carbon Tracker also noted that energy companies reinvest some of the money from asset sales in new oil and gas production, which generates more emissions.
The report criticized over-reliance on emission reduction technologies (EMT) to reduce emissions, while continuing to invest in new production.
“The level of emissions reductions achievable with these technologies remains uncertain, and their deployment should be reserved for the sectors that are most difficult to abate, rather than wasted on ‘creating space’ for oil and gas production that could easily be replaced by renewables replaced,” it said.
All but one of the 15 companies plan to use EMT.
Meanwhile, third-party offsets do not always result in a net reduction, as some projects to plant or replant forests may have already taken place, it added.
In addition, large amounts of land are required to offset energy emissions, which may displace other land uses.
Topping the Carbon Tracker rankings is Italy’s Eni, which is targeting a 35 percent reduction by 2030, taking into account all of its production and downstream use of third-party crude.
At the bottom is US giant Exxon Mobil, which has set a net-zero emissions target for 2050, but only for its operations, not the products it sells.