Oil Firms' Climate Claims Are Greenwashing, Study Declares

Accusations of greenwashing against major oil companies that claim to be in transition to clean energy are well-founded, according to the most comprehensive study to date, Damian Carrington reported for The Guardian.

Photo Insert: The researchers analyzed data over the 12 years up to 2020 and concluded the company claims do not align with their action.

The research, published in a peer-reviewed scientific journal PLOS One, examined the records of ExxonMobil, Chevron, Shell, and BP, which together are responsible for more than 10% of global carbon emissions since 1965.

The researchers analyzed data over the 12 years up to 2020 and concluded the company claims do not align with their actions, which include increasing rather than decreasing exploration, Joe Hernandez of the National Public Radio (NPR) in the US also reported.

The researchers said, “financial analysis reveals a continuing business model dependence on fossil fuels along with insignificant and opaque spending on clean energy.”

Numerous previous studies have shown there are already more reserves of oil and gas and more planned production than could be burned while keeping below the internationally agreed temperature target of 1.5C. In May 2021, the International Energy Agency (IEA) said there can be no new fossil fuel developments if the world is to reach net zero by 2050.

“Until there is very concrete progress, we have every reason to be very skeptical about claims to be moving in a green direction,” said Prof Gregory Trencher, at Kyoto University in Japan, who worked with Mei Li and Jusen Asuka at Tohoku University.

“If they were moving away from fossil fuels we would expect to see, for example, declines in exploration activity, fossil fuel production, and sales and profit from fossil fuels,” he said.

“But if anything, we find evidence of the reverse happening.” None of the companies directly releases data on their investments in clean energy, but the information they provided to the Carbon Disclosure Project indicates low average levels ranging from 0.2% by ExxonMobil to 2.3% by BP of annual capital expenditure (CapEx).

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic