Carbon Majors: 100 producers source of 71% of emissions 1988-2015

PRESS ASSOCIATION Photo. Photo credit should read: John Giles/PA Wire Carbon measured from 1988 to 2015

50% of all industrial emissions of carbon dioxide and methane from 64 oil and gas companies

The Climate Accountability Institute and CDP announce the release of the updated Carbon Majors Dataset 2017, according to a press release.

These three reports quantify the pivotal role of the producers of oil, natural gas, and coal in driving global carbon dioxide emissions and highlight the risks and opportunities of companies to aide (or hinder) the transition to a low carbon economy.

The Dataset is an update of operational and product-use emissions attributed to the largest 100
investor- and state-owned companies from 1988 to 2015.

According to the report, global fossil fuel emissions from 1988 to 2015 totaled 749 billion tonnes of carbon dioxide and energy related methane (GtCO2e).

One hundred companies are the source of 85 per cent of fossil fuel CO2 and methane and 71 per cent of all industrial fossil fuel and cement CO2, methane, nitrous oxide, and F-gases.

Ten of those companies, Saudi Aramco, Gazprom, National Iranian, ExxonMobil, Pemex, Royal Dutch Shell, PetroChina, BP, Chevron, and Petroleos de Venezuela are responsible for 26 per cent of all fossil fuel emissions and 45 per cent of all oil & gas sector emissions since 1988.

Half of all industrial emissions of carbon dioxide since the dawn of the fossil fuel era have been emitted since 1988.

While most companies have reduced operational emissions, oil & gas production and emissions are all increasing, exploration budgets are increasing, and industry forecasts defy climate concerns.

Fifty percent of all industrial emissions of carbon dioxide and methane since 1988 can be traced to the  operations and products of the world’s 64 largest oil and gas companies

On average, product emissions account for 90 per cent of a company’s total, with operational emissions at 10 per cent.

The report says producing companies bear considerable responsibility and stewardship obligations for emissions and impacts from the use of their carbon fuel products used as intended by consumers worldwide.

Companies have been slow to commit to reduce emissions and shifting capital investment to low-carbon energy sources in alignment with science-based targets to avoid exceeding 2°C of warming, much less “well below” 2°C.