None of a group of 30 oil and gas producers have greenhouse gas (GHG) emissions reduction targets in line with keeping the global temperature rise to well below 2°C, according to a report by think-tank Carbon Tracker.
Carbon Tracker examined the announced emissions reductions strategies of 30 firms, including a mix of majors, independents and NOCs. It found that none of them link their GHG emissions to carbon budgets, which would be necessary to limit the global temperature rise in line with the 2015 Paris agreement.
Of the 30 companies examined, 19 do not include scope 3 emissions in their targets. Scope 3 covers emissions created by combustion of fossil fuels the company produces, and typically make up the majority of emissions for oil and gas companies.
European firms Eni, TotalEnergies, Repsol and BP rank the highest on emissions reductions commitments, having pledged absolute cuts in GHG emissions from production and use of their products by 2030.
Of the 19 companies that do not include scope 3 emissions, most also do not have 2050 net zero targets, or interim reductions, and their strategies do not cover all emissions from production and sales on a full equity basis.
Algerian state-owned Sonatrach rates at the bottom, as the firm has not disclosed any overarching emissions goals at all.
On methane, most firms are aiming for near-zero methane emissions by 2030. But almost all include only directly operated assets in this perimeter, excluding non-operated joint ventures, and not covering companies' midstream assets. The US' Chevron is the one exception, including all assets on an equity share basis.
And 25 of the 30 firms have pledged to eliminate routine flaring. But this kind of flaring represents only a small amount of the total for some companies, and very few have committed to eliminating all non-emergency flaring.
On the credibility of GHG emissions reduction, Carbon Tracker found that even the top-ranked companies are pursuing strategies that it described as of "questionable credibility." Firms such as Eni and BP have announced assets divestments as part of their strategy, which remove the emissions from those firms' books but do not prevent them from entering the atmosphere. Other firms have announced an intention to use carbon capture and storage, despite uncertainty over the potential of the technology because of its low maturity.
