Connect with us

Tech

Report: Oil majors are overly dependent on high-risk, expensive, unproven technologies and offset to reduce their impact on the climate.

Published

on

 


Photo: Exxon-operated Rotterdam refinery, last ranked in today’s Carbon Tracker Report

The Absolute Impact Report, published today (May 12) by Carbon Tracker, provides access to the levels of emission reductions committed by the 15 companies and how they plan to reach their goals.

All companies except Chevron have publicly claimed to support the transition to Net Zero by 2050, with 13 out of 15 companies making their target timelines more ambitious in the last 12 months. However, the report reveals that many Net Zero programs within the sector do not cover emissions from all ranges and are therefore not properly science-based. For example, ExxonMobil does not include Scope 3 (indirect) emissions in its target, even though Scope 3 (indirect) emissions account for 95% of total emissions. An additional 10 companies evaluated have not been able to cover all Scope 3 emissions from downstream product use with their target remittances.

The report also reveals a lack of strong interim goals to back up the long-term Net Zero vision. Of the companies that evaluated Eni, Repsol, TotalEnergies, and BP, only four have promised to reduce emissions by 2030 on an absolute basis. Strength-based goals are not considered reliable by Carbon Tracker, as they leave room for companies to continue to expand their absolute emission footprint.

None of the four companies have promised to cut their net absolute emissions by at least half by 2030. The most ambitious 2035 goal is BP, which involves reductions of at least 35% up to 40%. This gives the world the best chance to limit global temperature rise to 1.5 ° C by halving global annual emissions by 2030, despite the recommendations of the Intergovernmental Panel on Climate Change (IPCC). Probably. This is the more ambitious path of the Paris Agreement.

Wrong solution?

The Carbon Trackers report also raises concerns about how some companies are looking to approaches that may have less impact on the actual climate, rather than prioritizing internal emission reductions. increase. These approaches include buying offsets, selling assets, and scaling up carbon recovery technologies.

For offsets, the report outlines many well-discussed challenges, such as procuring offsets to achieve the elimination of additional permanent emissions. We question whether projects aimed at conserving habitats, such as the Peruvian forest program supported by TotalEnergies, have achieved additional emission reductions.

Selling assets is becoming a more common approach as energy majors strive to reach their latest climate goals. But as the New York Times mentioned his week, divestments often result in assets being taken over by buyers with looser climate goals who are willing to maximize production. This can actually increase the life cycle emissions of the asset.

Carbon tracker reports indicate that artificial carbon capture and storage (CCS) techniques are expensive and have not been proven on a large scale. As of 2020, the total global capacity of all CCS and carbon capture and storage unit (CCU) plants in operation is estimated to be 38.5 million tonnes, or about one-thousandth of the world’s annual emissions. ..

Companies covered by the Carbon Tracker Report, including CCS investment plans for their businesses, include Occidental and ConocoPhillips. Eni is also investing in CCS for industrial clusters as a means of generating offsets.

Carbon trackers are being expanded by fossil fuel companies using CCS and CCU as free cards for jailbreak, despite agencies such as the IPCC and the International Energy Agency (IEA) calling for future oil reductions. I am concerned that it may continue. Gas exploration.

Carbon tracker analyst Maeve O’Connor said most of these technologies are still in the early stages of development, and few large-scale projects work on the scale required for corporate goals, but planting trees. A solution that involves a lot of land is required. For today’s report.

Given the enormous cost, it is not yet known whether these technologies are technically feasible or economically feasible.While limiting global temperature rise to 1.5 ° C, some levels may be required [carbon removal technologies]These should be used to reduce or offset emissions in sectors such as aviation and chemicals, where there are currently few low carbon alternatives, rather than justifying the production of new fossils.

OConnors’ views are shared by several organizations that have recently submitted evidence to members of the UK Environmental Audit Committee. The Commission said in March that the future benefits of artificial carbon negative technology are highly uncertain.

Organizations such as the Energy Transition Commission and the Climate Restoration Center, on the other hand, require large-scale anthropogenic and natural carbon removal, even in the case of deep decarbonization occurring globally, primarily for current and past reasons. Claims to be. Emission level.

© Faversham House Ltd 2022 edie News articles may be copied or forwarded for personal use only. No other reproduction or distribution may be made without the prior written consent.

Sources

1/ https://Google.com/

2/ https://www.edie.net/report-oil-majors-over-reliant-on-risky-expensive-and-unproven-tech-plus-offsetting-to-cut-climate-impact/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]t.exbulletin.com