A new research by the Institute of Environmental Science and Technology at the Universitat Autònoma de Barcelona (ICTA-UAB) reveals a shocking reality. Fossil fuel companies now have their hands on a mere 1.42% of renewable energy projects across the globe. This contrasting reality marks a major chasm between the industry commitments and the real financial moves being made towards transitioning to renewable energy.
The report looked at the renewable energy ventures of the world’s most powerful oil and gas companies. It discovered that just 20% of the 250 fossil fuel companies it surveyed have one renewable energy project up and running. Renewable energy only accounts for an average of 0.1% of these companies’ core energy extraction business segments. This one dangerous statistic sums up their refusal to move towards more sustainable practices.
Even as the fossil fuel industry pledged to take the helm at the energy transition, they’ve done an abysmal job of keeping such commitments. So far, only a quarter of the top 100 oil and gas companies have established greenhouse gas reduction targets for 2030. Their average pledge so far is just a 43% reduction in emissions from operations by that date. This points to a fundamental lack of alignment between professed aspirations and real, concrete moves to achieve them.
Marcel Llavero-Pasquina, lead author of the study, said he was alarmed by how poorly the industry is reacting to the climate crisis.
“Oil and gas companies’ renewable deployment is anecdotal at best. Their contribution to the fight against the climate crisis should be judged solely by how much fossil fuel they leave in the ground.” – Marcel Llavero-Pasquina
The report emphasizes how fossil fuel firms aren’t spending on renewables as promised. Kasandra O’Malia, Project Manager for the Global Solar Power Tracker at Global Energy Monitor, stated:
“Oil and gas companies simply aren’t investing in renewables like they’ve pledged. Claims to the contrary are greenwashing.” – Kasandra O’Malia
The findings urge governments, universities, and public institutions to reevaluate the role of the fossil fuel industry in addressing climate change.
“After decades of empty words, it is time for governments, universities, and public institutions to recognize that the fossil fuel industry will always be part of the problem, not the solution to the climate crisis. Oil and gas companies should not have a seat at the table where the future of climate and energy policy is decided.” – Marcel Llavero-Pasquina
Julia Steinberger, a professor at the University of Lausanne in Switzerland, emphasized the continued influence of fossil fuel lobby groups on political decisions.
“Despite slogans like ‘Liar, liar, planet on fire,’ fossil fuel lobby groups and think tanks continue to influence our politicians.” – Julia Steinberger