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The eight largest U.S.- and Europe-based oil and gas producers are failing to meet standards that would help keep global temperatures from rising to detrimental levels, according to a new report from research group Oil Change International.
The report, Big Oil Reality Check, explains that companies' current extraction plans could lead to more than 2.4 degrees Celsius of global temperature rise relative to pre-industrial levels—substantially higher than 1.5 degrees Celsius, the threshold that scientists have warned could have dire consequences if surpassed.
The researchers used 10 criteria and ranked each company's plan for production on a spectrum from “fully aligned” to “grossly insufficient.” All eight companies ranked “grossly insufficient” or “insufficient” on nearly all criteria. U.S. companies scored the worst—Chevron, ConocoPhillips, and ExxonMobil each ranked “grossly insufficient” on all 10 criteria. None of the eight companies have plans to stop fossil fuel exploration, and none set comprehensive targets to curb their emissions. All companies except Shell and BP have explicit goals to increase oil and gas production.
“There is no evidence that big oil and gas companies are acting seriously to be part of the energy transition,” said David Tong, Global Industry Campaign Manager at Oil Change International. “The Big Oil Reality Check data illustrates these companies’ dangerous commitment to profit at all cost.”
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Many rural communities and renewable energy projects rely on BLM lands. And the rule would ensure that these folks can work hand-in-hand with their local BLM field offices to rebalance conservation and recreation with resource extraction and development.”
