is an accounting gimmick that doesn't guarantee the deep emissions reductions needed to avert the worst consequences of the climate crisis.Monday at the United Nations Bonn Climate Change Conference, shows that even if one accepts the premise that entities can negate, rather than eliminate, their pollution, they are still failing to deliver on the framework's own terms.
Based on publicly available data compiled by the collaborative research outfit Net Zero Tracker, the third comprehensive annual analysis of"net-zero target intent and integrity" finds that 75 of the world's largest 114 fossil fuel companies have now made net-zero by 2050 commitments, up from 51 a year ago.
However, most of those commitments don't fully cover or lack transparency on the coverage of"scope 3" emissions, rendering them"largely meaningless," the report says. In contrast to"scope 1" and"scope 2" emissions—resulting from production and the operation of company-owned property, respectively—scope 3 emissions stem from the distribution and consumption of products, making them by far the most significant for fossil fuel companies.
To make matters worse, not a single fossil fuel company has committed to phasing out oil and gas production by 2050 nor have any committed to ending exploration for new oil and gas fields or halting the extraction of existing reserves, notes the report. Only two have vowed to stop building or enlarging coal mines and another two have rejected new coal-fired power stations. Just four have promised to end coal-fired power generation by 2030 in rich countries and by 2040 in all nations.
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