"Oil firms’ climate claims are greenwashing, study concludes", 16 February, 2022

Accusations of greenwashing against major oil companies that claim to be in transition to clean energy are well-founded, according to the most comprehensive study to date.

The research, published in a peer-reviewed scientific journal, examined the records of ExxonMobil, Chevron, Shell and BP, which together are responsible for more than 10% of global carbon emissions since 1965. The researchers analysed data over the 12 years up to 2020 and concluded the company claims do not align with their actions, which include increasing rather than decreasing exploration.

The study found a sharp rise in mentions of “climate”, “low-carbon” and “transition” in annual reports in recent years, especially for Shell and BP, and increasing pledges of action in strategies. But concrete actions were rare and the researchers said: “Financial analysis reveals a continuing business model dependence on fossil fuels along with insignificant and opaque spending on clean energy.”...

...in terms of strategy and actions, the researchers found “the companies are pledging a transition to clean energy and setting targets more than they are making concrete actions”...

A spokesperson for ExxonMobil said: “The move to a lower emission future requires multiple solutions that can be implemented at scale. We plan to play a leading role in the energy transition, while retaining investment flexibility across a portfolio of evolving opportunities, including for example carbon capture, hydrogen and biofuels, to maximise shareholder returns.”

A Chevron spokesperson said: “We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. We are planning $10bn in lower carbon investments by 2028.”

Shell’s spokesperson said: “Shell’s target is to become a net zero emissions energy business by 2050, in step with society. Our short, medium and long term intensity and absolute targets are consistent with the more ambitious 1.5C goal of the Paris Agreement. We were also the first energy company to submit its energy transition strategy to shareholders for a vote, securing strong endorsement.”

A spokesperson for BP said: “In 2020 BP set out our new net zero ambition, aims and strategy, and in 2021 completed the largest transformation of the company in our history to deliver these. Because this paper looks back historically over the period 2009-2020, we don’t believe it will take these developments and our progress fully into account.”...