The latest round of net-zero pledges from the world’s biggest oil and gas producers are “largely meaningless”, with many of the companies selling off their most carbon-intensive extraction sites to boost their net-zero credentials rather than shutting them down, according to two new reports released this week.
Those properties remain in production and may even emit more climate pollution under new ownership, states a report this week by the Columbia Center for Sustainable Investment. A separate assessment by the UK’s Net Zero Tracker found that net-zero pledges by 75 of the world’s 112 biggest oil and gas companies “do not fully cover or lack transparency on Scope 3 emissions—which include the use of a company’s products, the biggest source of emissions for fossil fuel companies—or don’t include short-term reduction plans,” Reuters reports. “The report also found that none of the fossil fuel companies were making the needed commitments to move away from fossil fuel extraction or production.”
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