A report by Oil Change International has examined the climate plans from eight of the world’s largest oil and gas producers and found that none were compatible with limiting global warming to 1.5C. Under the eight companies’ current plans for gas and oil extraction, a global temperature rise of 2.4C could occur alongside the use of 30% of the planet’s remaining global carbon budget.
The report also found that none of the eight had plans to stop fossil fuel exploration or halt new extraction projects, with six also having explicit goals to increase oil and gas production. This was coupled with none of the companies having targets to curb their emissions, using unstable methods to meet its climate targets, such as carbon capture and storage and carbon offsetting and having sufficient transition plans for workers and communities.
The report has been endorsed by over 100 climate groups and hopes to challenge the recent trend of oil companies rolling back climate pledges due to higher fossil fuel prices.