BREAKING

57 companies alone responsible for 80% of GHG emissions since 2016

By Al Mayadeen English
Source: News Websites
4 Apr 2024 10:18
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Analysis reveals that many big producers increased output of fossil fuels and related emissions in seven years after the Paris climate deal.

ExxonMobil’s storage facility (AFP via Getty Images)

A recent study reveals that just 57 companies in the oil, gas, coal, and cement sectors are responsible for 80% of global greenhouse gas emissions since the signing of the 2016 Paris climate agreement.

These influential entities, comprising state-controlled corporations and multinational companies, are identified as the primary contributors to the climate crisis, as per the Carbon Majors Database compiled by esteemed researchers.

Despite international commitments made in Paris to reduce greenhouse gas emissions, the analysis indicates that many of these major producers actually increased their fossil fuel output and emissions in the seven years following the agreement, compared to the preceding seven years.

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In a database containing records of 122 of the world’s largest historical climate polluters, researchers discovered that 65% of state entities and 55% of private-sector companies had increased their production levels. Notably, during this period, ExxonMobil of the United States emerged as the leading investor-owned emitter, accountable for 3.6 gigatonnes of CO2 over seven years, equivalent to 1.4% of the global total. Following closely were Shell, BP, Chevron, and TotalEnergies, each of which is linked to at least 1% of global emissions.

However, the most significant trend observed was the rapid rise in emissions associated with state and state-owned producers, particularly within the Asian coal sector. Despite warnings from the International Energy Agency that opening new oil and gas fields is incompatible with maintaining safe global heating levels, this expansion has persisted. Climate scientists caution that global temperatures are swiftly nearing the lower Paris target of 1.5°C above pre-industrial levels, with potentially catastrophic consequences for both people and the environment.

“It is morally reprehensible for companies to continue expanding exploration and production of carbon fuels in the face of knowledge now for decades that their products are harmful,” said Richard Heede, who established the Carbon Majors dataset in 2013. “Don’t blame consumers who have been forced to be reliant on oil and gas due to government capture by oil and gas companies.”

The Carbon Majors research has shifted the discourse surrounding accountability for the climate crisis by attributing emissions to the entities that benefit from extracting fossil fuels, rather than to the individuals who subsequently burn them, resulting in emissions.

The database has recently been updated and relaunched on a dedicated public access website hosted by InfluenceMap. It presents a striking comparison between long-term emissions trends dating back to 1854 and more recent developments since the 2016 Paris Agreement.

The historical data cover 122 entities responsible for 72% of all fossil fuel and cement CO2 emissions since the start of the industrial revolution, totaling 1,421 gigatonnes.

Looking ahead, changes in the landscape are anticipated. The United States, despite its fragmented operations among various companies, remains the largest oil and gas producer globally. President Biden's approval of multiple new exploration projects and plans by Gulf states to increase output suggest potential shifts in emissions distribution in the future.

Words without action: Fossil fuel companies' climate commitments

ExxonMobil, Chevron, BP, and Shell have allegedly set targets for achieving net zero emissions. It is worth noting that their interpretations of this goal and strategies to reach it differ.

While many companies included in the Carbon Majors database have made investments in renewable energy, Daan Van Acker, program manager at InfluenceMap, emphasized that a significant portion of these entities are continuing to move in a direction detrimental to climate stability. He underscored the importance of InfluenceMap's analysis in holding these energy giants accountable for the consequences of their actions.

According to Heede, fossil fuel producers bear a moral responsibility to address and mitigate the damages they have caused and exacerbated through their delaying tactics. He supports the proposal put forth by Mia Mottley, the prime minister of Barbados, for oil and gas companies to contribute at least 10 cents in every dollar to a loss and damage fund.

Heede also finds encouragement in efforts to hold fossil fuel companies accountable, such as the placement of billboards in Houston, Texas, following a hurricane, which explicitly attributed blame to oil companies, as well as the campaign in Vermont advocating for a climate superfund funded by polluters to address the escalating costs of natural disasters like floods, storms, and heatwaves.

“This is a threat to civilization as we know it,” he said. “If business as usual continues we won’t have a livable planet for our children and grandchildren. We must collect political, corporate, and political will to avoid the worst threat that climate change poses. We can do this.”