A report has found that just 57 fossil fuel and cement producers have been linked to 80% of global fossil CO2 emissions since the Paris Agreement.
According to InfluenceMap, which created the report using data from the Carbon Majors think tank, most of the companies analysed increased their output in the seven years after the Paris Agreement than in the seven years before the Agreement’s adoption.
The report shows that the majority of global CO2 emissions produced since the Paris Agreement can be traced to a small group of high emitters that are failing to slow production.
It found that nation-state producers account for 38% of emissions, while state-owned entities account for 37%, and investor-owned companies for 25%. Saudi Aramco, which is the largest oil firm globally, is owned by Saudi Arabia, while the next two largest – Sinopec and PetroChina – are both Chinese-state owned.
Daan Van Acker, program manager at InfluenceMap said: “The Carbon Majors database is a key tool in attributing responsibility for climate change to the fossil fuel producers with the most significant role in driving global CO2 emissions.
“InfluenceMap’s new analysis shows that this group is not slowing down production, with most entities increasing production after the Paris Agreement. This research provides a crucial link in holding these energy giants to account on the consequences of their activities.”
Paradoxically, while coal is on the decline worldwide, coal supply since 2015 has shifted from investor-owned to state-owned entities – despite pledges to rapidly curtail use of the fuel, which has a more severe carbon impact than oil and gas.
Global demand for energy waned during the pandemic, causing the price of various fossil fuels to plummet – with the cost of oil even briefly going negative for a time in 2021. However, as economies rebounded as the threat of virus decreased, global energy demand soared to above pre-pandemic levels.
At COP28 in December, representatives of nearly 200 countries agreed to ‘transition away’ from fossil fuels for the first time. However, such pledges have been made in the past with little definitive action ultimately taken.
Tzeporah Berman, chair at the Fossil Fuel Non-Proliferation Treaty, said: “The Carbon Majors research shows us exactly who is responsible for the lethal heat, extreme weather and air pollution that is threatening lives and wreaking havoc on our oceans and forests.
“These companies have made billions of dollars in profits while denying the problem and delaying and obstructing climate policy. They are spending millions on advertising campaigns about being part of a sustainable solution, all the while continuing to invest in more fossil fuel extraction.
“These findings emphasise that, more than ever, we need our governments to stand up to these companies, and we need new international cooperation through a Fossil Fuel Treaty to end the expansion of fossil fuels and ensure a truly just transition.”
Source: E&T
