- Jul 11, 2023, 5:00 PM CDT
The five largest Western oil majors are planning to develop new fields and increase their oil production, potentially contributing to CO2 emissions that would exhaust 90% of the world's remaining 1.5°C carbon budget. These companies, while promising to achieve net-zero carbon emissions by 2050, are investing heavily in oil and gas, with TotalEnergies CEO Patrick Pouyanne defending the need for continued fossil fuel production alongside reducing emissions.Despite supporting a green transition through the development of renewable energy operations and the use of decarbonisation technologies, the majority of oil majors have no plans to phase out oil and gas any time soon.
According to a GlobalData analysis of executive fields data, the world’s five largest Western oil majors by revenue – BP, Chevron, ExxonMobil, Shell and TotalEnergies – are planning for a future misaligned with a net-zero pathway, as outlined by the IEA. This may be surprising for some to hear considering that all these companies have also pledged to achieve net-zero carbon emissions by 2050. This is further reflected in the pledges of governments in the countries in which they are based.
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