Europe’s top oil and gas companies, which account for roughly 7% of global crude consumption, have committed themselves to greenhouse gas emission reduction targets which vary in scope and detail, making them hard for investors to compare. Many climate ambitions among oil majors relate to results three decades into the future and depend on carbon offsets, whose availability is finite, and carbon capture and storage, a technology not currently deployed at commercial scale. What does this mean, say, for the carbon footprint of a car driver at a petrol station?
BP’s peer Royal Dutch Shell has the oil and gas sector’s broadest plan to reduce greenhouse gas emissions to net zero by 2050, although it depends on pivoting “towards serving businesses and sectors that by 2050 are also net-zero emissions”.
French major Total pledged to cut to zero the greenhouse gas emissions from its operations, such as oil fields, globally by 2050. Such emissions from a group’s operations and from the electricity used for them are also known as Scope 1 and 2. But its broader 2050 net zero carbon plan covering emissions from fuels made from the oil and gas it extracts, such as gasoline, and sold to customers – also known as Scope 3 – only applies to Europe.
Source: Reuters
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