8 major companies cited in emissions study
Eight of the world’s largest oil companies are responsible for as much of the climate-damaging pollution spewed into the atmosphere as the entire U.S., according to a study by a London-based researcher.
Saudi Aramco, Exxon Mobil, Gazprom, the National Iranian Oil Co., BP and Royal Dutch Shell were among the eight companies whose fuel was responsible for a third of emissions from oil and gas, according to the nonprofit group CDP. The companies released a fifth of all greenhouse gases outside of farming and forestry since 1988, the year most governments acknowledged man-made climate change as a risk.
The findings suggest policymakers may be better off focusing on the practices of companies instead of national environmental policies. The study’s release coincides with preparations by President Donald Trump to slash environmental regulations and possibly withdraw from the Paris Agreement, which promises to limit global warming to below 2 degrees Celsius compared to pre-industrial levels.
“One way to really drive forward climate action is to look at the key producers of fossil fuels who are causing the globe to warm, this is what the new CDP data brings to life,” said Paul Simpson, chief executive officer of CDP, which surveys companies and collects data on sustainability issues.
CDP analyzed 50 oil and gas companies, gauging their direct emissions and pollution from the use of their products dating back to 1854. The whole oil and gas industry produced about 40 percent of the world’s 832 gigatonnes of carbon dioxide equivalent released in the past three decades, according to CDP.
China National Petroleum Corp. and Petroleos Mexicanos complete the list of the eight companies that in 2015 emitted 6.59 gigatons of CO2 equivalent. That’s almost the same amount as the U.S. emitted that year.
“BP is playing its part by calling for a price on carbon, providing lowercarbon products including natural gas and renewables, pursuing energy efficiency and supporting research,” a spokesman for the company said.
Exxon Mobil CEO Darren Woods earlier this week challenged the notion that economic growth means more pollution. He noted his company’s investment in carbon capture technology, biofuels and other research that if applied across the U.S. could avoid greenhouse gases equal to removing 8 million cars from the road.