‘Incompatible’: Fossil Fuel Giants’ Plans To Slash Greenhouse Gasses Won’t Reach Paris Climate Goals, Study Finds

Breaking Business ‘Incompatible’: Fossil Fuel Giants’ Plans To Slash Greenhouse Gasses Won’t Reach Paris Climate Goals, Study Finds Brian Bushard Forbes Staff I cover breaking news for Forbes New! Follow this author to stay notified about their latest stories. Got it! Aug 16, 2022, 11:45am EDT | Share to Facebook Share to Twitter Share to Linkedin Topline Fossil fuel companies’ plans to reduce greenhouse gas emissions are “incompatible” with the landmark Paris Climate Agreement’s goal of holding the global temperature rise to 1. 5 degrees Celsius, according to a new study published Tuesday in the journal Nature Communications , reigniting a debate on the responsibility of oil and gas companies to reverse the impact greenhouse gasses have had on the planet.

Major fossil fuel companies that are planning to hit net-zero gas emissions will not hit the goals . . .

[+] of the Paris Climate Agreement, according to a new study. (Photo by Lukas Schulze/Getty Images) Getty Images Key Facts The study analyzed scenarios produced by Shell, BP, Equinor and the International Energy Agency—each of which includes plans to transition to renewable energy and exactly how that would work—and compared the effect they would have on rising temperatures. Decarbonization plans from Equinor, Shell and British Petroleum (BP) to reduce fossil fuel consumption are not working fast enough to meet the ambitious goals laid out in the 2015 Paris Agreement to curb the effects of climate change, according to the study conducted by researchers at the German organization Climate Analytics.

The three companies in the study have set targets of net-zero emissions, with BP aiming for a 50% reduction by 2030 and net zero by 2050, Equinor setting a goal of net zero by 2050 by transitioning to renewable energy, and Shell setting a goal of net zero emissions by 2050 – although the company admits moving away from coal will be a challenge due to its popularity and availability in the international market. The researchers ran several scenarios analyzing how the efforts would affect global temperatures and found all but one of the six scenarios failed to meet the goals in the Paris Climate Agreement , exceeding the 1. 5 degree Celsius warming threshold “by a significant margin.

” Shell’s scenario to accomplish net-zero emissions would still contribute to one of the biggest temperature increases, as the company continues to sell greenhouse gasses, hitting a peak warming level of 1. 81 degrees Celsius above pre-industrial levels by 2059, while the International Energy Agency projected reaching peak warming at 1. 68 degrees over pre-industrial levels by 2056; BP projected a 1.

73-degree increase by 2058 and Equinor projected a 1. 73-degree increase by 2060. Only one scenario from the International Energy Agency, an organization that works with countries to set energy policies, to hit net zero emissions by 2050 is aligned with criteria laid out in the Paris Agreement, hitting a peak of 1.

56 degrees above pre-industrial levels by 2045. Crucial Quote “Even temporarily exceeding the 1. 5 degree Celsius warming would lead to catastrophic impacts and severely weaken our ability to adapt to climate change,” Climate Analytics CEO and senior scientist Bill Hare said.

Key Background The Paris Climate Agreement’s 1. 5-degree goal is considered a landmark initiative to combat the effects of climate change—as countries grapple with intense heat waves , rising seas , droughts and economic losses brought about by rising temperatures. Those changes in climate already exceed plants’ and animals’ “tolerance thresholds,” causing mass mortalities in trees and corals, according to a United Nations Intergovernmental Panel on Climate Change (IPCC) report released in February.

That report also found a global temperature rise of 1. 5-degrees Celsius (2. 7 degrees Fahrenheit), over the next 20 years will cause “severe impacts,” including some that are “irreversible.

” Addressing those risks has become a priority for countries and municipalities. More than 100 countries met last year at the Glasgow Climate Pact, agreeing to a net-zero decarbonization target, while nearly 1,000 cities and towns and 3,000 private businesses set net-zero commitments as part of the United Nations’ Race to Zero initiative. The Paris Agreement also set a goal of holding the global average temperature “well below” 2 degrees Celsius above pre-industrial levels, with a target of achieving net-zero emissions in the second half of this century.

Big Number 50 billion. That’s how many tons of carbon dioxide are emitted every year from human activities, including transportation and industrial plants, more than 40% higher than 1990 levels, according to research published last year by Our World in Data. What We Don’t Know Even though the Paris Agreement is a legally binding treaty for the countries that have signed on, it imposes no specific legal obligations for fossil fuel companies.

Further Reading U. N. Warns Greenhouse Gas Emissions Must Peak In Next 3 Years To Avoid Most Devastating Climate Change Impacts (Forbes) How Net Zero Became Our Global Climate Goal And Why We Need It (Forbes) Older Republicans Less Concerned About Environment Than In Decades, Report Says (Forbes) Send me a secure tip .

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