US energy laggards still not Paris compliant: analysis By Patrick GALEY Paris (AFP) June 23, 2020 US-based oil and gas majors are lagging well behind their European counterparts when it comes to plans for cutting emissions to comply with the Paris climate deal, according to analysis released Wednesday. The 2015 accord seeks to limit global temperature rises to "well below" two degrees Celsius (3.6 Farenheit) above pre-industrial levels through sweeping cuts in greenhouse gas emissions. Prompted by national commitments as part of the Paris deal, a number of large energy companies, including BP and Shell, have recently announced plans to reach "net zero" emissions by 2050. If a company is net zero, it is removing as many emissions as it produces. Market analyst Carbon Tracker looked at the plans that energy majors had announced to curb their carbon pollution, be that by transitioning away from fossil fuels or investing in new CO2 reducing technology. It concluded that European companies such as ENI and Repsol -- which include in their reduction plans so-called Scope 3 emissions that make up the vast majority of their footprints -- as among the most Paris-friendly majors. In contrast, it said that US behemoths ExxonMobil, Chevron and ConocoPhillips were failing to align their business plans with the world's carbon budget -- that is, how much more we can pollute before the Paris goals are out of reach. "Of the three US majors, the highest ranked company, Chevron, has committed to cut just the equivalent of 1-3 percent in overall emissions," said Mike Coffin, an oil and gas analyst at Carbon Tracker who compiled Wednesday's report. "It's a tiny amount. And they're the best." Chevron and ConocoPhillips did not respond for requests for comment from AFP. ExxonMobil said it supported the Paris deal but pointed out that the accord "does not contemplate or require individual companies to reduce production". All three companies have pledged to reduce their Scope 1 and 2 emissions -- direct and indirect emissions from their operations. But they have held off plans for Scope 3 emissions. These are the emissions produced when purchasers burn the oil and gas extracted by the majors. The energy industry continues to invest overwhelmingly in new oil and gas fields that contain more than enough carbon pollution to blow the Paris temperature goals out of the water. "In order to reach the Paris targets oil and gas consumption needs to go down," Coffin told AFP. "Whether that's through policy, environmental concerns from consumers, or investors recognising the financial risks -- whatever the reason, it poses a problem to oil and gas producers because there is less demand for their products." pg/mh/wai
Denmark readies increased carbon tax to promote energy transition Copenhagen (AFP) June 22, 2020 Denmark announced Monday that the country's political parties had agreed on a climate deal paving the way for an increased carbon tax aimed at drastically reducing emissions, though environmental groups found the deal lacking in substance. The details of the proposed tax reform and the implementation of the deal, described as ensuring "a completely green energy sector", will be negotiated after the summer, the finance ministry said. All in all the deal is supposed to reduce the amount of CO2 em ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |