2024-03-22 11:09:49
All oil companies continue to develop new fossil fuel exploitation projects, despite international climate agreements. The NGO Carbon Tracker has developed an analysis tool for investors, which allows companies in the sector to be classified between the bad performers… and the worst.
The World Meteorological Organization has just published its 2023 climate report, and confirmed the urgency of the climate transition. Yet at the same time, major oil and gas companies are still failing to take the necessary steps to align their operations with the climate transition and the goals of the Paris Agreement. This is what the publication of the latest Carbon Tracker report reveals, which analyzes the alignment of fossil fuel groups’ policies with the climate objectives signed at COP21 to combat global warming.
As industry expert and report author Maeve O’Connor points out, “Companies around the world are publicly declaring that they support the goals of the Paris Agreement and claiming to be part of the solution to accelerate the energy transition. Unfortunately , we see that none are currently aligned with the goals of the Paris Agreement.” This gap obviously constitutes a major risk for the climate transition. But it is also an essential strategic and financial risk to be taken into account by investors which might be at the heart of the concerns of the general meetings which are regarding to begin.
Oil and climate: the bad and the very bad students
The Carbon Tracker has thus set up a methodology to evaluate trans policies.
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