None of the 25 biggest oil and gas companies are on track to meet the goals of the Paris Climate Agreement, according to a study released by the climate finance think tank Climate Tracker. research released Friday by the climate finance think tank Climate Tracker.
Researchers evaluated major fossil fuel companies based on five criteria, including investment options, production plans, sanctions on recent products, incentives for remuneration and emissions reduction targets.
They graded each company from A to H, with A being the closest to the Paris goals of keeping warming below 1.5 degrees Celsius, and H indicating a strategy aligned with 2.4 degrees or more.
The report revealed that BP was the most aligned with Paris goals, but still received a D- grade, while ConocoPhillips scored the lowest with an H grade. Three of the five lowest scorers, including ConocoPhillips, Pioneer, and ExxonMobil, are U.S.-based companies.
Scores were especially off track with emissions targets, with none of the companies scoring a 4, and only one, Italian oil company Eni, scoring a 3. The majority of companies, 16, scored a zero on emissions reductions.
The report's author, Maeve O’Connor, stated, “Companies worldwide are publicly stating they are supportive of the goals of the Paris Agreement, and claim to be part of the solution in accelerating the energy transition. Unfortunately, however, we see that none are currently aligned with the goals of the Paris Agreement, albeit there are clear differences between companies.”
The report was published months after the COP28 climate summit in Dubai. Despite criticism of an oil executive heading the summit, attendees reached an agreement to initiate the transition away from fossil fuels for the first time in the summit’s history.
The Hill has reached out to ConocoPhillips, Pioneer, ExxonMobil and BP for comment.
