Dubai Telegraph - Oil majors' climate visions 'inconsistent' with Paris targets

EUR -
AED 4.291758
AFN 74.202607
ALL 95.815209
AMD 433.445389
ANG 2.091694
AOA 1072.792813
ARS 1638.40494
AUD 1.632378
AWG 2.106437
AZN 1.993295
BAM 1.953301
BBD 2.354015
BDT 143.435854
BGN 1.949377
BHD 0.441035
BIF 3476.643619
BMD 1.16862
BND 1.490992
BOB 8.106627
BRL 5.827203
BSD 1.168769
BTN 111.100842
BWP 15.865699
BYN 3.30597
BYR 22904.946195
BZD 2.351092
CAD 1.591993
CDF 2706.523045
CHF 0.916449
CLF 0.027111
CLP 1067.031657
CNY 7.981964
CNH 7.983998
COP 4357.140135
CRC 531.417756
CUC 1.16862
CUP 30.968422
CVE 110.609481
CZK 24.399786
DJF 207.686974
DKK 7.472353
DOP 69.651316
DZD 154.742285
EGP 62.555716
ERN 17.529296
ETB 183.560937
FJD 2.570728
FKP 0.860363
GBP 0.864037
GEL 3.137759
GGP 0.860363
GHS 13.082739
GIP 0.860363
GMD 85.884964
GNF 10257.560439
GTQ 8.932774
GYD 244.537105
HKD 9.156638
HNL 31.12043
HRK 7.533505
HTG 152.963517
HUF 365.308206
IDR 20369.684178
ILS 3.440411
IMP 0.860363
INR 111.377167
IQD 1530.891812
IRR 1536734.911165
ISK 143.401016
JEP 0.860363
JMD 184.134393
JOD 0.828519
JPY 183.752009
KES 150.962307
KGS 102.161318
KHR 4688.502378
KMF 491.41186
KPW 1051.757731
KRW 1723.888782
KWD 0.359981
KYD 0.974154
KZT 542.216212
LAK 25665.809059
LBP 104476.037875
LKR 373.498897
LRD 214.587827
LSL 19.66788
LTL 3.45063
LVL 0.706886
LYD 7.403239
MAD 10.80627
MDL 20.12425
MGA 4855.614784
MKD 61.623628
MMK 2453.808931
MNT 4179.773496
MOP 9.431632
MRU 46.686663
MUR 54.645088
MVR 18.060971
MWK 2035.157276
MXN 20.475164
MYR 4.630655
MZN 74.68652
NAD 19.668118
NGN 1602.095525
NIO 42.911641
NOK 10.849156
NPR 177.759268
NZD 1.992245
OMR 0.449344
PAB 1.169004
PEN 4.097227
PGK 5.063043
PHP 72.127425
PKR 325.753226
PLN 4.257591
PYG 7266.701961
QAR 4.257292
RON 5.192639
RSD 117.376262
RUB 87.646253
RWF 1706.769077
SAR 4.384889
SBD 9.379188
SCR 16.184988
SDG 701.747774
SEK 10.872329
SGD 1.49224
SHP 0.872493
SLE 28.806613
SLL 24505.366399
SOS 667.868137
SRD 43.771819
STD 24188.068435
STN 24.716307
SVC 10.228868
SYP 129.161674
SZL 19.667847
THB 38.284118
TJS 10.941999
TMT 4.096012
TND 3.372059
TOP 2.813756
TRY 52.841014
TTD 7.939841
TWD 36.940654
TZS 3032.568437
UAH 51.507494
UGX 4386.505198
USD 1.16862
UYU 47.07976
UZS 14021.099238
VES 571.388131
VND 30770.925421
VUV 138.807225
WST 3.173023
XAF 655.118749
XAG 0.015983
XAU 0.000257
XCD 3.158254
XCG 2.106904
XDR 0.812927
XOF 652.677815
XPF 119.331742
YER 278.861871
ZAR 19.640877
ZMK 10518.970289
ZMW 21.889991
ZWL 376.295068
  • RBGPF

    1.6000

    64.7

    +2.47%

  • RYCEF

    -0.0200

    16.33

    -0.12%

  • NGG

    -0.9800

    87.5

    -1.12%

  • BTI

    -0.3600

    58.35

    -0.62%

  • AZN

    -1.2800

    183.46

    -0.7%

  • RELX

    0.0100

    36.36

    +0.03%

  • RIO

    -1.9500

    98.63

    -1.98%

  • GSK

    -0.7100

    50.9

    -1.39%

  • BCE

    -0.0300

    23.93

    -0.13%

  • CMSC

    -0.0100

    22.87

    -0.04%

  • CMSD

    -0.0300

    23.25

    -0.13%

  • VOD

    -0.1000

    16.05

    -0.62%

  • BCC

    -3.8000

    74.33

    -5.11%

  • JRI

    -0.0500

    12.93

    -0.39%

  • BP

    0.5300

    46.94

    +1.13%

Oil majors' climate visions 'inconsistent' with Paris targets
Oil majors' climate visions 'inconsistent' with Paris targets / Photo: Karen Ducey - GETTY IMAGES NORTH AMERICA/AFP/File

Oil majors' climate visions 'inconsistent' with Paris targets

Global decarbonisation scenarios envisioned by oil and gas majors are incompatible with the Paris climate deal temperature goals aimed at averting devastating heating, according to research published Tuesday.

Text size:

The landmark 2015 accord saw nations commit to limit planetary heating to "well below" two degrees Celsius (3.6 Farenheit) above pre-industrial levels and to work towards a safer 1.5-C warming cap.

Writing in the journal Nature Communications, an international team of experts analysed six emissions scenarios from three European energy giants -- Equinor, BP and Shell -- as well as those produced by the International Energy Agency.

They then compared the analysed pathways to scenarios outlined in a special report from the Intergovernmental Panel on Climate Change on 1.5C of warming.

The team used these to evaluate peak and end-of-century temperatures under each scenario, noting that average global temperatures may decline by 2100 in some scenarios after peaking.

They also assessed the underlying energy system changes that drive emissions and could lead to a given scenario meeting -- or failing to meet -- the Paris temperature goals.

"Most of the scenarios we evaluated would be classified as inconsistent with the Paris Agreement as they fail to limit warming to 'well below 2C', let alone 1.5C, and would exceed the 1.5C warming limit by a significant margin," said Robert Brecha of the Climate Analytics think tank and co-lead author of the study.

"Energy system transformation is critical to reaching the Paris Agreement warming limit, and decision makers need sound and transparent scientific assessments. This paper adds to that transparency."

- 'Catastrophic impacts' -

The analysis found that Shell's Sky scenario would lead to warming of 1.81C by 2069 -- a far cry from 1.5C.

A Shell spokeswoman told AFP that the Sky pathway was just one of several envisaged by the company.

The team responsible for modelling scenarios "makes assessments based on plausible assumptions and quantifications, which are not intended to be predictions of likely future events or outcomes, let alone our energy transition plan", she added.

Equinor's Rebalance scenario would see warming peak at 1.73C above pre-industrial levels by 2060, according to the study.

BP's Rapid scenario would see peak warming of 1.73C by 2058, while its Net Zero scenario would see median warming peak at 1.65C, the analysis found.

Equinor declined to comment, while BP did not respond to a comment request.

Only the IEA's Net Zero 2050 pathway is fully aligned with the Paris agreement's 1.5C goal, the authors concluded.

"Fossil fuel companies claim that we can continue to burn oil and gas while keeping to the 1.5C warming limit, and they cite their own scenarios as justification," said Bill Hare, CEO and Senior Scientist at Climate Analytics.

"But our research shows that their pathways would bust the Paris Agreement. Even temporarily exceeding the 1.5C warming would lead to catastrophic impacts and severely weaken our ability to adapt to climate change."

G.Gopalakrishnan--DT