World Benchmarking Alliance warns that the global oil and gas industry is on track to smash through the carbon budgets that would prevent global average temperature increases spiralling above 1.5C. The world’s chances of limiting global warming to 1.5C in line with the Paris Agreement currently look set to be thwarted by oil and gas companies, with the industry on course to blast through its allotted carbon budget as early as 2037, fresh analysis today estimates. The independent study, undertaken by the World Benchmarking Alliance (WBA) alongside carbon disclosure non-profit CDP and French climate agency ADEME, analysed around 100 of the biggest state-owned and publicly listed oil and gas companies worldwide. It concluded that despite growing escalating public concerns over climate change, tightening environmental regulations, and decarbonisation commitments from a growing band of fossil fuel firms, the industry is still failing to take the decisive action required to slash emissions. Based on current rates of production, the oil and gas giants are set to consume the sector’s allocated carbon budget through to 2050 by 2037 – 13 years too early compared to a scenario where the world stands a chance of limiting temperature increases to 1.5C. Yet the report finds that none of the companies analysed have committed to stopping oil and gas exploration.
Business Green 22nd July 2021 read more »