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A recent study has revealed a concerning reality: despite efforts directed at the Paris Agreement targets, advancements are largely symbolic, primarily due to a small group of major polluters expanding their fossil fuel operations. This revelation serves as a stark reminder of the challenges we face in combating global emissions.
The study highlights that a mere 57 companies and countries have accounted for a staggering 80% of the world's carbon dioxide emissions from cement and fossil fuels over the past seven years. This revelation underscores the significant disparity between our current trajectory and the net-zero objectives outlined in the 2015 Paris climate agreement.
Published by the think tank InfluenceMap, the study utilizes the Carbon Majors database, a comprehensive tool tracking emissions from leading oil, gas, coal, and cement industries since 2013. The database categorizes emissions sources into investor-owned companies (such as Chevron), state-owned companies (like Saudi Aramco), and even entire nations.
Historically, investor-owned companies have contributed 31% of all tracked emissions (440 GtCO2e), with industry giants like Chevron, ExxonMobil, and BP leading the pack. State-owned companies are responsible for a troubling 33% (465 GtCO2e), with Saudi Aramco, Gazprom, and the National Iranian Oil Company among the top offenders. Nation-states contribute 36% (516 GtCO2e), with China's coal production and the Former Soviet Union as leading sources.
The findings suggest that fossil fuel production continues unabated, with a few super-polluters causing the most harm.
This emphasizes the urgent need for countries to drastically change course to meet the goal of limiting global warming to below 2°C.
The Carbon Majors database serves as a call for accountability, emphasizing the importance of holding companies to their climate action commitments. Companies need clear guidelines aligned with the Paris Agreement and robust monitoring systems to track their progress
Researchers at top universities have used the Carbon Majors data to assess whether companies are aligning with the Paris climate goals. The results indicate that many fossil fuel producers have significantly exceeded their emissions budgets, revealing a stark contrast between corporate promises and actual actions.
The study highlights a concerning trend: out of 100 companies analyzed, 58 increased their emissions output in the seven years after the Paris Agreement compared to the previous seven years. This trend is particularly alarming in Asia, where 87% of companies assessed have higher emissions, and in the Middle East, where the figure is 70%. Europe, South America, Australia, and Africa also show concerning increases, with only North America showing a slight majority of companies reducing emissions.
The surge in emissions is closely tied to a global increase in coal use, especially by state-controlled entities. While investor-owned companies have decreased coal-linked emissions by 28% from 2015 to 2022, state-owned companies and coal-dependent nations have increased theirs by 29% and 19% respectively.
This trend undermines efforts to phase out coal, a major contributor to climate change.
One positive outcome is that state-owned fossil fuel companies, a major source of emissions increases, may be pushed towards greater transparency.
Additionally, investor-owned companies will soon fall under new climate disclosure rules, making it harder for them to obscure their emissions data.
Greater accountability for the top polluters could help expose the prevalent "greenwashing" and pave the way for meaningful action.
Drastic cuts to fossil fuel production are crucial, but we also need a substantial increase in investment in clean, affordable, renewable energy sources. With decisive action on both fronts, the goals of the Paris Agreement can be achievable, and the consequences of inaction would be severe for everyone.