For several years, it has been acknowledged that mega corporations, inclusive of state-owned oil and gas entities, are the primary contributors to the significant global greenhouse gas emissions, despite the increasing guilt surrounding climate change among individuals.
However, the continued high levels of carbon pollution by these entities beyond the watershed Paris Agreement of 2016 was only recently disclosed in the updated version of the Carbon Majors database, curated by eminent climate researchers. This information illustrates that 57 of the biggest multinational companies are culpable for 80 per cent of emissions since 2016; this group includes the notorious polluters of the oil and gas industry.
This data not only ratifies a persistence of routine business practices, but also represents further evidence that decarbonisation worldwide is inadequate for Earth’s stabilisation – regardless of emerging signs of an acceleration in the clean energy revolution.
An analysis of the situation suggests that both state-controlled businesses and multinational firms owned by shareholders are principally responsible for the world’s runaway heating. Moreover, they are evidently resisting government commitments to greenhouse gas reduction that were established in Paris. Most of these major producers have elevated their fossil fuel production and corresponding emissions in the last seven years, compared to the preceding seven-year period.
A scrutiny of the record of 122 of history’s primary climate polluters revealed that 65 per cent of state bodies and 55 per cent of private companies have escalated their production. This extends beyond the oil and gas industry, encompassing fields such as coal, cement, and mining.
The most significant privately owned contributor to global emissions is the U.S.-based ExxonMobil – accountable for 3.6 gigatonnes of CO2 over seven years, equating to 1.4 per cent of the global measure. Shell, BP, Chevron and TotalEnergies came in a close second, each being charged with at least 1 per cent of emissions.
Ranked 20th on the list of largest emitters is Abu Dhabi National Oil Company, an oil company state-owned by the UAE. Its chairman, Sultan Ahmed Al Jaber, presided over the UN climate negotiations in Dubai last December as Cop28’s president. Even though nearly 200 countries consented to shift away from fossil fuels at this conference, the presence of over 2,456 fossil fuel lobbyists probably ensured their “resources” faced no immediate threats.
Hans Zomer from Global Action Plan Ireland points out the concerning discrepancy between the actions and promises of corporations and governments in addressing climate change. The organisation seeks to nurture environmental “change-makers” within people and societies.
Conveying the significance of climate change, its factors, and its repercussions is vital in instigating genuine reform, Zomer emphasises. He acknowledges that countless individuals are coming together to formulate local strategies to combat environmental challenges. Zomer underscores that when people realise their potential to change their own communities, they also perceive the influence of collective grassroots movements on decision-makers. He firmly believes it is the power of the people that will alter the attitudes of those who advocate ‘business as usual’.
In 2021, the International Energy Agency affirmed that no fresh oil, gas, or coal fields should be operational to keep global warming within tolerable levels. Subsequent research has indicated that global temperatures are nearing the lower Paris target of 1.5 degrees above the pre-industrial era, a situation with likely damaging implications for humanity and nature.
Richard Heede, a carbon geographer who initiated the Carbon Majors data set in 2013, criticises corporations for further intensifying carbon fuel exploration and production despite their understanding of the harm caused by their products. He reverses the blame from consumers, who depend on oil and gas due to government influence by oil and gas companies, to these corporates.
The data set has contributed to reshaping the climate crisis narrative by attributing emissions to entities who profit from fossil fuel extraction rather than individuals who burn and release them as emissions. This ongoing study has been referenced in climate lawsuits and served as the groundwork for The Guardian’s 2019 series, ‘The Polluters’, which called out the 20 corporates responsible for a third of all carbon emissions.
When discussing additional measures to combat climate change, she suggests exerting maximum effort within one’s realm of effect, endorsing green-conscious politicians domestically and globally, championing county-level environmental plans, and advocating for a just transition to a world free of fossil fuels. She insists on transmuting climatic apprehension and guilt into progressive local action rather than descending into passivity.
While fossil fuel corporations such as ExxonMobil, Chevron, BP, and Shell have all set net zero emissions targets, their interpretation of this objective and how they plan to achieve it diverge significantly. They have largely reverted to focussing on their lucrative primary businesses, leading to a decline in short-term environmental objectives. Albeit they have deployed capital into renewable energy projects, it usually accounts for a miniscule portion of their overall fossil fuel investments.
In acknowledgement of the figures provided, Shell stated its ardour for transforming into a net-zero emissions entity by 2050. The company believes that this aim aligns with the more ambitious goals of the Paris agreement, which seeks to cap global warming at 1.5 degrees above pre-industrial levels. A spokesperson, while speaking to The Guardian, affirmed that they had attained over 60% of their goal to reduce Scope 1 and 2 emissions, which they are directly accountable for, from their operations by half by 2030 in comparison to 2016.
The refreshed Carbon Majors database is now accessible on a public website, maintained by InfluenceMap. Its programme director, Daan Van Acker, expressed his concern that many companies listed are moving away from climate stabilisation. He mentions that this group of corporations hasn’t curtailed production, with most of them increasing post the Paris agreement. His research is crucial in holding these energy behemoths accountable for the ramifications of their actions.
Heede asserts that fossil fuel companies hold a moral duty to bear the costs for the damages their delaying strategies have caused and exacerbated. He refers to The Bridgetown Initiative led by Barbadian prime minister Mia Mottley, which includes a scheme that mandates oil and gas companies to contribute a minimum of 10 cents on every dollar to a loss-and-damage fund.
He expressed optimism about steps being taken to make fossil fuel corporations take responsibility, like the billboards bearing the names of oil companies that appeared in Houston, Texas, following a hurricane, which stated “We Know Who Is To Blame”. He also mentioned the Vermont initiative seeking to establish a climate superfund financed by the polluters to offset the escalating costs resulting from floods, storms, and heatwaves.
He emphasised, “This poses a menace to our society as we understand it”. He warned that if the current business practices persist, we could be leaving an uninhabitable planet for our future generations. To ward off the gravest risks that come with climate change, we must garner the will within the political and corporate sector. He firmly believes this is achievable.