All major oil and gas companies plan fossil fuel expansion incompatible with limiting warming to 1.5 degrees Celsius, a new report said Wednesday.
The oil and gas industry has made it clear it plans on sticking around as long as possible. Photo: Pedro PARDO / AFP/File
"Unfortunately, however, we see that none are currently aligned with the goals of the Paris Agreement, albeit there are clear differences between companies." An H grade, according to Carbon Tracker, is the furthest from the Paris goal, with activities and strategy more consistent with catastrophic warming of 2.4C or worse.At the bottom of the Carbon Tracker list were Saudi Aramco, Brazil's Petrobras, and the US's ExxonMobil, all rated G. The US firm Conoco Phillips was given an H.Almost all the firms assessed plan new developments and production increases in the near-term.
The company said carbon emissions from oil and gas production would fall by between 20-30 percent in 2030 compared to 2019, compared with its prior forecast for a drop of 25-40 percent.
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