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.
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.
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