Home

Translate

en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

LONDON, UK: Business watchdog Global Witness says the 50-plus oil and gas companies who authored and signed a ‘net-zero’ carbon reduction agreement at COP28, will be responsible for 156 billion tonnes of CO2 emissions in the next 25 years.

According to analysis based on the Rystad Energy database, the NGO says the signatories of the UAE ‘Oil and Gas Decarbonisation Charter’ have only agreed to achieve net-zero emissions from their operations by 2050.

As a result, up to 90 percent of the emissions from 265 billion barrels of oil and 26.7 billion cubic metres of gas will be burned by end users - equal to 62 percent of the Earth’s remaining 1.5C carbon budget.

Saudi Aramco and ADNOC are projected to produce a combined 136.4 billion barrels of oil and 5.5 billion cubic metres of gas resulting in 64.7 billion tonnes of CO2 emissions.

Of the international oil companies, ExxonMobil, Equinor, TotalEnergies, Eni and Shell are forecast to collectively produce 57 billion barrels of oil and 8.4 billion cubic metres of gas to emit 38.6 billion tonnes of CO2.

Heralded by the UAE as a big win for the environment, the list of signatories include 30 national oil companies: Abu Dhabi National Oil Company (ADNOC), Bapco Energies, Ecopetrol, EGAS, Equinor, GOGC, INPEX Corporation, KazMunaiGas, Mari Petroleum, Namcor, National Oil Company of Libya, Nilepet, NNPC, OGDC,ONGC, Pakistan Petroleum Limited (PPL), Pertamina, Petoro, Petrobras, Petroleum Development Oman, Petronas, PTTEP, Saudi Aramco, SNOC, SOCAR, Sonangol, Uzbekneftegaz, ZhenHua Oil and YPF.

And over 20 energy companies also added their names to the declaration: Azule Energy, BP, Cepsa, COSMO Energy, Crescent Petroleum, Dolphin Energy Limited, Energean Oil & Gas, Eni, EQT Corporation, Exxonmobil, ITOCHU, LUKOIL, Mitsui & Co, Oando plc, Occidental Petroleum, OMV, Puma Energy (Trafigura), Repsol, Shell, TotalEnergies and the Woodside Energy Group.

"You'd think the hottest year in the last 125,000 would be enough to end greenwashing once and for all - but since it wasn't, let's state it plainly,” said Bill McKibben, climate campaigner and co-founder of 350.org. “No means no - there's not a way to square 'decarbonisation' with fossil fuel expansion. They mean the exact opposite.”

Global Witness senior fossil fuels investigator Patrick Galey added: “After looking at the detail of this pact, signed to great backslapping by bosses of some of the world’s largest polluters, I have only two questions: Who do these people think they are, and how stupid do they think we are?”

Galey declared the agreement was little more than a forgery; allowing the fossil fuel industry to produce and sell billions of barrels of oil and gas for decades.
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


Latest News

February 22, 2024
People Editor

Nearly 50 million Americans deny climate change

ANN ARBOR, MI/CHICAGO, IL: A study by the University of Michigan School for Environment and Sustainability (SEAS) has concluded 12-26 percent of Americans, depending on location, deny the reality of climate change. The researchers used Twitter (now X) data…
February 21, 2024
Biodiversity Editor

UAE renewables deal needs US$8 trillion

DUBAI/BERLIN: Abu Dhabi National Oil Company CEO and COP28 president Sultan Al-Jaber says he will work with the presidents-designate of COP29 (Azerbaijan) and COP30 (Brazil) to ensure the tripling of investment in renewables agreed in Dubai last December.…
February 19, 2024
People Editor

US$281 billion war profit in two years

LONDON: Five fossil fuel majors have made over US$281 billion net profit since Russia’s invasion of Ukraine two years ago. According to a new analysis by Global Witness, Shell, BP, Chevron, ExxonMobil and TotalEnergies paid US$200 billion to shareholders in…
February 15, 2024
Manufacturing Editor

New CMA CGM feeder fleet designed for less CO2

MARSEILLE: CMA CGM has taken delivery of the first of 10 dual-use 2,000 TEU container vessels to operate on Mediterranean and Northern Europe routes. Initially powered by LNG to reduce sulfur oxide emissions by 99 percent, nitrogen oxide 92 percent and fine…
February 10, 2024
Biodiversity Editor

Greenland ice loss threatens collapse of Atlantic current

PASADENA, CA: A study published in Nature has found the Greenland Ice Sheet lost 20 percent more ice over the past four decades than previously thought. The conclusion follows a 2023 study in Earth System Science suggesting ice losses from Antarctica and…
February 09, 2024
Transportation Editor

Maersk first to have climate targets validated by SBTi

COPENHAGEN: The Science Based Targets initiative (SBTi) says Maersk’s greenhouse gas emissions’ (GHG) targets will meet the Paris Agreement 1.5˚C pathway. The validation is an industry first under SBTi’s new maritime guidance published in late 2022. Maersk’s…
February 04, 2024
People Editor

COP29 host Azerbaijan has “severe corruption issues”

BERLIN: Watchdog Transparency International (TI) has published its 2023 Corruption Perception Index (CPI). The Index ranks 180 countries and territories by their perceived levels of public-sector corruption using a scale of zero to 100, where zero is highly…
January 30, 2024
Food Editor

Transforming food systems create multi-trillion dollar benefit

OSLO, Norway: A new report says current food systems destroy more value than they create with over US$10 trillion in annual human suffering and planetary harm. A group of economists and scientists suggest a new food pathway will provide socio-economic…
January 27, 2024
Transportation Editor

Hapag signs liner alliance with Maersk

HAMBURG/COPENHAGEN: Hapag-Lloyd is replacing the Mediterranean Shipping Company (MSC) as Maersk’s liner shipping partner beginning in February 2025 when Maersk and MSC part company. The new alliance, called Gemini Cooperation, will provide 26 mainline…
January 16, 2024
Energy Editor

COP28 goal of tripling renewables closer says IEA

PARIS, France: The International Energy Agency (IEA) says the world added 50 percent more renewable capacity in 2023 than 2022 and forecasts the next five years will see even fastest growth. Almost 510 gigawatts (GW) were added to the global grid with solar…
January 11, 2024
Emissions Editor

Earth hotter than the last 100,000 years

READING, UK/BOLOGNA, Italy/BONN, Germany: The EU Copernicus Climate Change Service says 2023 was the warmest year on record and the first time every day exceeded 1.0°C above the 1850-1900 pre-industrial level. Nearly 50 percent of days were more than 1.5°C…
January 11, 2024
Transportation Editor

Scottish Power to supply green hydrogen at UK airports

KEMBLE,UK/HOLLISTER,CA: ScottishPower, a subsidiary of Spanish energy company Iberdrola, has partnered with ZeroAvia, a British/American hydrogen-electric aircraft developer, to supply green hydrogen at AGS airports in Glasgow, Aberdeen, and Southampton.…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand