The climate targets of the world’s major oil and gas companies

The world’s biggest oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the combustion of the products they sell.

The world’s biggest oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the combustion of the products they sell.

On Tuesday, Shell won an appeal against a landmark 2021 ruling that required it to cut its absolute carbon emissions by 45% by 2030 compared to 2019 levels, including those caused by the use of its products.

Scientists say the world must cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Agreement goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.

Direct comparisons of the oil companies’ climate plans are difficult as they emphasise different approaches to intensity-based targets and how to include greenhouse gases from the combustion of their fuels - known as Scope 3 emissions.

Intensity-based targets measure the amount of greenhouse gas (GHG) emissions, such as methane and carbon dioxide, per unit of energy or barrel of oil and gas produced.

That means absolute emissions can rise even if the headline intensity metric falls - for example with the addition of renewables or biofuels to the product mix.

Reducing emissions will require a well-functioning market for carbon, the scaling up of carbon capture and storage technology, and the development of competitive uses of hydrogen, many of the companies have said.