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Oil majors still fall short on absolute emission cuts

- Companies continue to plan for increases in production in a world of falling oil and gas demand, new report finds

home > Oil, Upstream 24.06.2020 13:22 Nuran Erkul

Oil majors still fall short on absolute emission cuts

The emission reduction targets of most oil majors leave them free to increase production or ignore the full impact of burning their future oil and gas without creating a net reduction in the emissions, a report by Carbon Tracker finds Wednesday.

According to UK-based think-tank Carbon Tracker's Absolute Impact report in which emission reduction targets of Shell, Total, ExxonMobil, ConocoPhilips, Chevron, BP, Eni, Repsol and Equinor were analyzed, companies that set out 'net zero' ambitions do not have absolute reduction impacts on emissions.

The report pointed to Shell and Total that announced 'net zero' ambitions but did not commit to the absolute reductions needed to link to finite climate limits. US companies ExxonMobil, Chevron and ConocoPhilips were also in the firing line as the report noted they ignore carbon released when their oil and gas is burned.

"Companies need to recognize the impact that reduced demand for oil and gas will have on their business model,” Mike Coffin, oil and gas analyst and author of the report told Anadolu Agency.

He said the use of these fuels needs to fall dramatically for the world to limit warming in line with the Paris climate goals.

"Whether companies see that they 'own' the end-use emissions or not, the impact of this reduced demand for their product should see a change in company strategies accordingly, with emissions targets to support this," he noted.

According to the International Energy Agency's data, global energy demand could fall by 6% this year - more than seven times the impact of the 2008 financial crisis, while bucking the trend for growing energy demand over the last five years with oil demand the biggest damage from the COVID-19 pandemic.

Coffin said that companies cannot be aligned with the Paris climate goals unless they commit to only sanctioning Paris-aligned projects, which will have the knock-on effect of absolute cuts to their oil and gas production and resulting emissions.

"On their own, net-zero targets are insufficient to link to Paris goals. To do that, climate targets need to recognize the absolute limits of a global carbon budget and incorporate interim emissions reductions.

“Policies which fall short will fail to satisfy both environmental and financial concerns from investors, and risk being perceived as greenwashing," Coffin warned.

The Carbon Tracker found that corporate policies fell broadly into three levels of ambition with a major gulf between the US and European companies.

Eni, Repsol and BP have the most impactful policies, which all set absolute targets for cutting emissions by 80% to 100% across their oil and gas production by 2050. Eni leads the field with a strong interim target of cutting emissions by 30% on an absolute basis by 2035.

Shell, Total and Equinor set targets of reducing the carbon intensity of the oil and gas they sell by 50% to 65% by 2050, but the report found that this is not a commitment to an absolute cut in their emissions.

The Carbon Tracker report revealed that Chevron and ConocoPhilips only commit to small cuts in operational carbon intensity by 2050, equivalent to a maximum 3% cut in overall emissions while ExxonMobil ranks bottom because its targets only cover operational emissions.

- Ignoring climate change could cost $792 trillion

A previous report of Carbon Tracker found that to meet the Paris Agreement targets, oil majors would need to cut combined production by 35% from 2019 to 2040. However, these companies continue increasing their gas and oil production despite falling demand.

According to an article published on Nature Communications, following current emissions reduction efforts, the whole world would experience a washout of benefit, amounting to almost $126.68 - 616.12 trillion until 2100 compared to 1.5 °C or well below 2 °C commensurate action.

The article asserts that if countries are unable to implement their current National Determined Contributions under the Paris Climate Agreement, the whole world would lose more benefit, almost $149.78 - 791.98 trillion until 2100.

With falling oil and gas demand, the report says only the most cost-competitive projects will generate value, and even they will potentially deliver lower than expected returns.

Coffin stressed that capital invested in projects that exceed climate limits will risk becoming stranded and destroying shareholder value.

He suggested that companies do not have to transition but could adopt a “harvest” model instead where production declines from existing assets without being replaced and capital is returned to shareholders.

He underscored that for a company to be 'Paris Aligned,' it needs to commit to not sanctioning projects that fall outside Paris limits.

“Companies that do so risk the planet exceeding the carbon budget, and destroying significant shareholder value," he concluded.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr


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Oil prices rise amid expectations of US Fed rate cut in September

- Market sentiment boosted by signs of weakening labor market and possible monetary easing
06.08.2025 Oil

Oil prices up on OPEC+ output hike, US-Russia tensions

- Prices edge higher after 8 OPEC+ members agree to raise oil production by 547,000 barrels per day in September from August levels
05.08.2025 Oil

OPEC+'s 8 members to increase output by 547,000 bpd in September

- Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman to raise production as part of gradual rollback of earlier voluntary cuts, OPEC statement says
04.08.2025 Oil

US oil rig count down by 5 for week ending Aug. 1

- Number of US oil rigs fall by 72 compared to one year ago
04.08.2025 Oil

Oil prices post weekly gains on supply concerns, trade uncertainty

- Brent crude edges higher on US-EU trade deal and sanctions risk
01.08.2025 Oil

Oil declines as global risk sentiment rises, US tariffs spark market volatility

- Trump's new tariffs and sanctions raise global risk, pressuring markets and fueling oil supply concerns
02.08.2025 Oil

US-Canada energy trade totals $150 billion last year amid price decline: EIA

- US crude oil and natural gas imports from Canada increased by 5% and 7%, respectively
02.08.2025 Natural Gas , Oil , Energy Diplomacy

US crude oil inventories up by 1.8% for week ending July 25

- Daily crude oil production rises to around 13.31 million barrels per day
01.08.2025 Oil

Türkiye discovers $4B worth of oil reserves in 2025: Energy minister

- 57 million barrels of oil found in eastern and southern regions, including shale oil and gas in Diyarbakir
31.07.2025 Oil

Oil prices dip amid Trump’s Russia comments, US inventory build

- Caution ahead of US Fed rate decision also weighs on market
31.07.2025 Oil

Türkiye's Energy Minister to attend Anadolu's Editor's Desk on July 30

- Bayraktar to outline national energy policy and comment on current energy topics
30.07.2025 Natural Gas , Oil , Finance , Energy Diplomacy , General

US onshore crude oil production hits record high: EIA

- Crude oil production from onshore federal lands nearly triple over last decade, data shows
29.07.2025 Oil

Oil prices slip as markets eye Fed decision, weigh US-EU trade deal

- Easing trade tensions offers some relief, but uncertainty over economic fallout from tariffs continues to weigh on investor sentiment
30.07.2025 Oil

Türkiye's LPG production up 29.1% in May

- LPG imports decrease by 14%, while exports rise by 90.8% in May, latest industry report reveals
29.07.2025 Oil

Türkiye's oil imports down 10.4% in May

- Crude oil imports fall by 13.2% to 2.48 million tons in May, latest data shows
29.07.2025 Oil

Oil prices rise on US-EU trade deal, Fed rate uncertainty

- US-EU deal could boost economic activity and lift energy demand, adding upward pressure on oil prices, according to analysts
29.07.2025 Oil

US oil rig count down by 7 for week ending July 25

- Number of US oil rigs fall by 67 compared to one year ago
28.07.2025 Oil

Oil eyes weekly drop amid tariffs and sanctions

- Oil slides on fresh Russian sanctions and geopolitical uncertainties, partly offset by optimism over trade deals
26.07.2025 Oil

Oil prices rise on optimism over US trade deals ahead of Aug. 1

- Signs of easing trade tensions between US and key partners lift demand expectations
26.07.2025 Oil

Oil prices up amid hopes for new trade deals, stronger US demand

- Prices were supported by reports that Washington and Brussels were nearing a trade agreement that would impose reciprocal 15% tariffs on select goods, mirroring recent US-Japan deal
25.07.2025 Oil

US crude oil inventories down by 0.8% for week ending July 18

- Daily crude oil production falls to around 13.27 million barrels per day
25.07.2025 Oil

Oil prices fall on trade fears ahead of new US tariffs

- Crude markets are unsettled by US tariff plans while data showing a decline in US crude stocks helps cushion price losses
24.07.2025 Oil

Türkiye, Iraq begin talks on new oil transport deal

- New deal to cover joint projects in crude oil, natural gas, development of hydrocarbon fields, petrochemical, refinery investments, electricity production and transmission
25.07.2025 Oil , Downstream

Oil falls as tariff countdown, geopolitical risks rattle markets

- Analysts warn that Trump administration may adopt even more aggressive trade measures, heightening market risk perceptions
23.07.2025 Oil

Hungary, Serbia announce new oil pipeline to bypass EU energy restrictions

- Pipeline expected to secure affordable energy supplies, operational by 2027
22.07.2025 Oil

Türkiye-Iraq Crude Oil Pipeline Agreement to expire in 2026

- Agreement was initially signed on Aug. 27, 1973, with the first phase of the pipeline becaming operational in 1976
22.07.2025 Oil

Oil edges lower amid EU sanctions, looming US tariffs

- Brent trades around $68 as markets eye Russian oil curbs and await Trump's Aug. 1 tariff deadline
22.07.2025 Oil

Oil prices seek stability around key $70 level

- Rising OPEC+ output eases supply concerns as US tariff threats weigh on demand, push Brent below $70
22.07.2025 Oil

Baghdad-Erbil oil deal revives prospects for reopening Iraq-Türkiye Pipeline

- Under terms of agreement, KRG will transfer revenues from all oil produced in region to Iraq's State Organization for Marketing of Oil (SOMO) and receive $16 per barrel advance on deliveries
21.07.2025 Oil

US oil rig count down by 2 for week ending July 18

- Number of US oil rigs fall by 55 compared to one year ago
20.07.2025 Oil

Oil heading for slight weekly loss amid market uncertainties

- Despite late-week rebound driven by supply worries, uncertainty surrounding global demand keeps prices under pressure
20.07.2025 Oil

Oil up amid Iraqi oilfield attacks, EU ban on Russian pipeline imports

- Market fears grow over supply disruptions following new EU sanctions and attacks in Iraq
18.07.2025 Oil

Baghdad, Erbil reach oil deal to resume exports after halting shipments in 2023

- Agreement paves way to restart KRG crude exports, compensate for federal losses exceeding $25B
18.07.2025 Oil

Oil prices rise amid Middle East tensions, US inventory drop

- Drone attacks in Iraq and Israeli airstrikes in Syria raise supply concerns, while US crude stock draw signals strong demand
18.07.2025 Oil
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