Companies and oil and gas made “almost no progress” towards Paris Agreement goals, says report

None of the 100 oil and gas companies assessed plans to cut their emissions “at a rate sufficient to align with a [carbon-limiting] trajectory. global warming a] 1,5°C over the next five years”, CDP told Reuters. Of the 100 companies, 81 show “no significant reduction” in oil and gas production before 2030.

Oil and gas firms making 'most no progress' towards Paris goals, CDP says https://t.co/AOfG3GBXf3 pic.twitter.com/3goUxsRbLq

- Reuters (@Reuters) June 29, 2023

Only three European companies evaluated (Neste, Naturgy and Engie) are investing more than 50% of their budget in low-carbon technologies, according to the report. But this does not mean that its performance inspires optimism: the best placed, Finnish Neste, has a score of just 56 out of 100 in the CDP methodology.

Large companies in the sector, such as Total, Repsol and Shell, perform even more unsatisfactorily. Petrobras is ranked 17th in the ranking, and the organizations authoring the list highlight that, in the Brazilian company, “planned investments in crude oil exploration and production between 2023 and 2027 are more than 10 times greater than investments in low-carbon technologies.”

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