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BIG OIL REALITY CHECK - UPDATED ASSESSMENT OF OIL AND GAS

30 May 2022

Summary

oil and gas companies have continued Oil Reality Check for assessing whether to announce new climate pledges and oil and gas companies’ climate change The August 2021 Working Group I plans – but these have remained grossly promises and strategies could align with report of the Intergovernmental Panel insufficient compared to the bare the Paris Agreement, and then assesses on Climate Change’s (IPCC. [...] This conclusion that there is no room for new cuts in the production of all fossil fuels,” is not a managed decline in production oil and gas production beyond projects with oil and gas production ending in all based on science and equity, but a crisis already under development, big oil nations by no later than 2050, and in the response – with an enormous human and gas companies are continuing to. [...] As reported in BP’s 2020 annual report, interests in Russian oil and gas companies and projects.43 this holding accounts for 30 percent of BP’s total 2020 oil and gas production.41 Though BP has announced that it will At the same time, parts of the oil and gas industry and their divest itself from its share of Rosneft, it is too early to tell enablers have cited Russia’s invasion of Ukraine as gro. [...] Table 3: Applying the criteria to assess oil and gas majors’ climate plans People-centered Ambition Integrity transitions Set Uphold Decline oil and gas explicit end human production Set date for Commit rights and absolute End oil and gas Do not Be honest plans and Indige- Stop target(s) lobbying extraction rely on about funding nous Stop approving to reduce and ads and carbon fossil gas to suppor. [...] calling for political autonomy and an of the struggle of communities along the The company does have a human rights end to the “unchecked environmental Wild Coast for the recognition of their policy and does recognize the principle pollution and degradation” caused customary rights.”139 of free, prior, and informed consent by oil exploration and exploitation by and acknowledges the United Nations.

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