Fossil Fuels:20 oil and gas firms who support Paris Agreement projected to spend $932bn on new sites by 2030- A report from Sky News

 

Fossil fuels: 20 oil and gas firms who support Paris Agreement projected to spend $932bn on new sites by 2030

All 20 firms have voiced support for the Paris Agreement, but UN scientists warn any new oil and gas sites would put 1.5C Paris goal beyond reach.

Victoria Seabrook

Climate reporter @SeabrookClimate

Tuesday 12 April 2022 03:29, UK

Image: Twenty oil and gas companies who support Paris climate accord are projected to spend billions developing new sites

Just 20 fossil fuel firms including Shell and BP are projected to spend $932 billion (£715 bn) on new oil and gas fields by 2030, according to new research shared exclusively with Sky News.

All the oil majors have pledged support for the Paris Agreement, which commits to limiting global warming to ideally 1.5C above pre-industrial levels - firms who hadn't were discounted from the list.

The analysis from campaigners Global Witness and Oil Change International comes a week after the United Nations (UN) called it "moral and economic madness" to invest in new oil and gas.

UN scientists (IPCC) warned those assets risked becoming stranded by mid-century, and that new fossil fuel projects would tip the world well over the 1.5C Paris target.

Investments from companies that say they are aligned with Paris look "deeply hypocritical" and stand in "stark contrast" with the IPCC's findings, said Global Witness campaigner Barnaby Pace.

Image: The list excludes fossil fuel majors that haven't pledged alignment with the Paris Agreement

Image: The analysis predicts spend will increase to $1.5trillion by 2040

Russian state company Gazprom topped the list with a predicted spend of $138bn (£105bn), Shell ranked ninth with $46bn and BP fourteenth with $30bn, according to the researchers' analysis of Rystad Energy data.

The figures cover new oil and gas sites being explored or developed, not those already up and running.

"We aren't ready to stop using oil and gas overnight, but these are investments in new oil and gas fields that will be only coming online in years or decades to come," added Mr Pace.

By the end of 2040, the collective spend is expected to reach $1.5 trillion, the analysis shows.

Clean energy investments by the oil and gas industry accounted for around 1% of total capital expenditure in 2020, according to the International Energy Agency.

ExxonMobil - which ranked second with a projected spend of $83bn - said it planned to invest $15bn in "lower-emissions technologies". These include hydrogen, biofuels, and technology to suck carbon out of the air - which scientists say is necessary and should be reserved for very limited sectors - but not renewable energy, other than to electrify some operations.

Shell expects a gradual decline in total oil production of about 1-2% a year, and plans to invest around £15bn in "low and zero-carbon" energy - including offshore wind and hydrogen - in Britain, representing 75% of their UK investment.

Chevron said oil and natural gas are "critical to ensuring reliable energy for decades" and it was reducing the emissions from the extraction process.

"As the energy transition unfolds, demand for fossil fuels will likely fall and companies must ensure that they... don't sanction high cost products that are not needed and ultimately will fail to deliver a return to their shareholders," said Mike Coffin from financial think tank Carbon Tracker.

That means companies planning on sanctioning new oil and gas projects are "thus effectively betting both on the collective failure to limit warming to 1.5 degrees, and on [the failure of] renewables and technologies such as battery storage to substitute for oil and gas," he said.

 

In his statement, Antonio Guterres said ‘high emitting governments and corporations’ were turning a blind eye to the imminent climate ‘disaster’

The British Government last week sparked criticism when it confirmed in its new Energy Security Strategy it would grant new licences for new oil and gas fields in the North Sea.

Unfortunately, this is what a lot of people have predicted would happen and just makes a farce of the whole COP26 agreement, as usual it is all about money.  What will it take to make these people stop?

It is so frustrating and sad that the human race is prepared to go down the road of destruction for money, we are screaming as loud as we can but they can't hear because they have their heads stuck in the sand.  I have always thought that prevention is better than cure but we all seem to be on this downward spiral to potential disaster if everyone doesn't do their part.

Just one person can make a difference!

The blog song for today is: " We can work it out" by the Beatles

TTFN

The Big Plastic Count - the UK's biggest ever investigation into household plastic waste for one week, 16-22 May 2022 (UK only)

 I’m joining #TheBigPlasticCount – the UK’s biggest ever investigation into household plastic waste. For one week, 16–22 May, people all over the country are counting their plastic packaging waste to help gather new, game-changing evidence of the true scale of the plastic problem. The results will show the government what really needs to be done to tackle it, and the more people who take part, the more impact we'll have. Will you join me? Here’s the link: https://act.gp/3iOmgvD

How do I order my pack?

When you sign up you’ll be asked for your mailing address to receive a physical pack. Of course it’s plastic-free and printed on recycled paper, but you can also opt out if you’d rather download a digital version.

Can we take part as a group?

We’d love community groups and teams of colleagues to get together and join The Big Plastic Count! Simply sign up individually and then you can swap tips during the week and share your results between yourselves.

My pack hasn’t arrived yet, what can I do?

Most packs will arrive a week before the count in May. If there’s an issue though you can access the digital pack here or it’s in the email you recieved when you first signed up. It includes a printable tally sheet – or you can tally online too.

What do I do if I miss a day of counting?

Don’t worry if you miss a day of counting – when you submit your results you can select how many days you counted for.

What if I miss an item of plastic?

If everyone does 7 whole days and counts all their plastic waste we get better data, but if you miss something, don’t worry! Your data is still important.

How do I work out which category to put an item in?

Use your instinct and judgement to categorise your plastic, you’ll probably get it right! But if you’re still unsure and would like some more help, visit our help page where you can find a long list of examples and definitions.

What aren’t we counting?

Don’t include: plasters, medication packaging, non-dairy milk/juice cartons (TetraPak), nappies, dog poo bags, plastic cutlery or period products.

What if we use a lot of plastic?

Please remember, this isn’t about feeling guilty about the amount of plastic you use! Too much single-use plastic is produced and there aren’t reusable alternatives that suit everyone’s needs. Together we’re gathering the evidence needed to push for proper action on plastic.

What should I do with my plastic afterwards?

Dispose of your plastic waste in the same way you would normally – reuse what you can, recycle what you can and throw away the rest. We know it may feel disheartening, but you’re doing your bit, and with the evidence you’re helping us build, we’ll push the government, big brands and supermarkets to do theirs.

Why is The Big Plastic Count only over one week

The aim for The Big Plastic Count is to get lots and lots of people involved, counting their household plastic packaging. One week is enough time to collect useful data without taking up too much of people's time.

How do you work out my footprint?

Once we have an individual household’s count results, we apply national data on different types of plastic to calculate how much, on average, would be collected for recycling, what’s then likely to happen to it, and what that means for your footprint.

I wish there was something like this here in Spain, although I am hoping that after the UK one, they may follow because it is linked to Greenpeace! I will be counting my plastic all the same, just out of curiosity!

It will be really interesting to see the results! I fear that we already know it will be bad, unfortunately official bodies like numbers, so that is the way it is done!

The blog song for today is: "Isis"  by Bob Dylan

TTFN