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

EUR -
AED 4.277424
AFN 76.282379
ALL 96.389901
AMD 444.278751
ANG 2.0846
AOA 1067.888653
ARS 1666.882107
AUD 1.752778
AWG 2.096182
AZN 1.984351
BAM 1.954928
BBD 2.344654
BDT 142.403852
BGN 1.956425
BHD 0.438198
BIF 3455.206503
BMD 1.164546
BND 1.508021
BOB 8.044377
BRL 6.334667
BSD 1.164081
BTN 104.66486
BWP 15.466034
BYN 3.346807
BYR 22825.091832
BZD 2.341246
CAD 1.610276
CDF 2599.265981
CHF 0.936525
CLF 0.027366
CLP 1073.571668
CNY 8.233458
CNH 8.232219
COP 4463.819362
CRC 568.64633
CUC 1.164546
CUP 30.860456
CVE 110.752812
CZK 24.203336
DJF 206.963485
DKK 7.470448
DOP 74.822506
DZD 151.068444
EGP 55.295038
ERN 17.468183
ETB 180.679691
FJD 2.632397
FKP 0.872083
GBP 0.872973
GEL 3.138497
GGP 0.872083
GHS 13.3345
GIP 0.872083
GMD 85.012236
GNF 10116.993527
GTQ 8.917022
GYD 243.550308
HKD 9.065929
HNL 30.604708
HRK 7.534265
HTG 152.392019
HUF 381.994667
IDR 19435.740377
ILS 3.768132
IMP 0.872083
INR 104.760771
IQD 1525.554607
IRR 49041.926882
ISK 149.038983
JEP 0.872083
JMD 186.32688
JOD 0.825709
JPY 180.935883
KES 150.58016
KGS 101.839952
KHR 4664.005142
KMF 491.43861
KPW 1048.083022
KRW 1716.311573
KWD 0.357481
KYD 0.970163
KZT 588.714849
LAK 25258.992337
LBP 104285.050079
LKR 359.069821
LRD 206.012492
LSL 19.73949
LTL 3.438601
LVL 0.704422
LYD 6.347216
MAD 10.756329
MDL 19.807079
MGA 5225.31607
MKD 61.612515
MMK 2445.475195
MNT 4130.063083
MOP 9.335036
MRU 46.419225
MUR 53.689904
MVR 17.938355
MWK 2022.815938
MXN 21.164687
MYR 4.787492
MZN 74.426542
NAD 19.739485
NGN 1688.68458
NIO 42.826206
NOK 11.767853
NPR 167.464295
NZD 2.015483
OMR 0.446978
PAB 1.164176
PEN 4.096293
PGK 4.876539
PHP 68.66747
PKR 326.50949
PLN 4.229804
PYG 8006.428369
QAR 4.240169
RON 5.092096
RSD 117.610988
RUB 88.93302
RWF 1689.755523
SAR 4.37074
SBD 9.584899
SCR 15.748939
SDG 700.4784
SEK 10.946786
SGD 1.508557
SHP 0.873711
SLE 27.603998
SLL 24419.93473
SOS 665.542019
SRD 44.985272
STD 24103.740676
STN 24.921274
SVC 10.184839
SYP 12877.828498
SZL 19.739476
THB 37.119932
TJS 10.680789
TMT 4.087555
TND 3.436865
TOP 2.803946
TRY 49.523506
TTD 7.89148
TWD 36.437508
TZS 2835.668687
UAH 48.86364
UGX 4118.162907
USD 1.164546
UYU 45.529689
UZS 13980.369136
VES 296.437311
VND 30697.419423
VUV 142.156196
WST 3.249257
XAF 655.661697
XAG 0.019993
XAU 0.000278
XCD 3.147243
XCG 2.098055
XDR 0.815205
XOF 655.061029
XPF 119.331742
YER 277.802752
ZAR 19.711451
ZMK 10482.311144
ZMW 26.913878
ZWL 374.983176
  • RBGPF

    0.0000

    78.35

    0%

  • RIO

    -0.6700

    73.06

    -0.92%

  • BP

    -1.4000

    35.83

    -3.91%

  • RELX

    -0.2200

    40.32

    -0.55%

  • BTI

    -1.0300

    57.01

    -1.81%

  • GSK

    -0.1600

    48.41

    -0.33%

  • AZN

    0.1500

    90.18

    +0.17%

  • NGG

    -0.5000

    75.41

    -0.66%

  • RYCEF

    -0.1600

    14.49

    -1.1%

  • SCS

    -0.0900

    16.14

    -0.56%

  • CMSD

    -0.0700

    23.25

    -0.3%

  • CMSC

    -0.0500

    23.43

    -0.21%

  • VOD

    -0.1630

    12.47

    -1.31%

  • JRI

    0.0400

    13.79

    +0.29%

  • BCC

    -1.2100

    73.05

    -1.66%

  • BCE

    0.3300

    23.55

    +1.4%

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