Big Oil Under Mounting Pressure to Cut Production
Big oil companies need to cut oil production by 35% by 2040 in order to preserve shareholder value in a changing world, Carbon Tracker, a London-based think tank researching the impact of climate change on financial markets, has warned.
The changing world involves sticking to the Paris Agreement targets of keeping the rise of average global temperatures to below 2 degrees Celsius.
To do that, Big Oil needs to seriously reduce the amount of carbon dioxide that it releases as it pumps oil and gas out of the ground, carbontracker.org reported.
Exxon, for instance, needs to reduce its annual emissions from close to an estimated 600 million tons this year to about 450 million tons by 2040, Carbon Tracker says.
For Shell, the reduction needs to be from over 500 million tons to below that number in the next 20 years. The average emission reduction across the Big Oil group is 40%, the think-tank has estimated.
These reductions, however, are calculated on the basis of what Carbon Tracker calls company carbon budgets.
source: Financial Tribune
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