Big oil companies fail climate goals and profit from war

Oil majors are falling short of Paris Agreement climate targets while benefiting from global conflicts, a new report reveals.

Stella Levantesi reports for DeSmog.


In short:

  • Eight major oil companies are using 30% of the remaining carbon budget for limiting global warming to 1.5°C.
  • These companies plan to increase oil and gas production, leading to a projected temperature rise of over 2.4°C.
  • They are also implicated in fueling military conflicts, particularly by supplying crude oil to Israel amid its war crimes allegations.

Key quote:

“If an oil and gas company were serious about transitioning its business model, the first step would be ending all new production and then setting a Paris-aligned phaseout plan.”

— David Tong, global industry campaign manager at Oil Change International

Why this matters:

As geopolitical tensions drive up energy prices, oil majors are reaping substantial profits. The windfall from conflicts, such as the ongoing strife in Ukraine, has filled the coffers of these companies, enabling them to report record earnings. This financial boon contrasts sharply with their lagging progress on emissions reductions and investment in sustainable energy sources.

Xray with detailed view of lungs

Coal miners and advocates plead with Trump to enforce black lung rule

In a rally outside the U.S. Department of Labor, miners and their advocates stressed the need to limit silica exposure and protect workers from irreversible health impacts.
Human palm of hand coated with gold
Credit: Photo by MUILLU on Unsplash

UN warns of mercury contamination in Colombia's Atrato River

A United Nations letter to Colombia warns that mercury contamination from illegal gold mining in the Atrato River basin is causing a grave human rights crisis for Indigenous and Afro-descendant communities.
abandoned bulldozer

Ohio to fast-track energy at former coal mines and brownfields

It’s part of a new law meant to boost power production amid rising demand — and it could help renewables grow faster while putting industrial land to use.
Elderly woman sitting in front of a fan with her hand to her head

Government told to prepare for 2C warming by 2050

The UK is unprepared for worsening weather extremes linked to climate change, according to the Climate Change Committee, which urged the government to plan for at least 2C of global warming by mid-century.

A pile of British pounds

How a ‘pro-climate’ charity channelled cash to a Koch-funded think tank

A UK charity that portrays itself as a climate leader facilitated a £830,000 donation to the Mercatus Center, a conservative think tank heavily funded by U.S. oil billionaire Charles Koch.

A man working on an installation of a heat pump

Maryland’s clean-energy push creates new business opportunities for contractors

With state incentives, training programs, and new clean-heating standards on the horizon, Maryland contractors are well-positioned to grow their businesses by helping homeowners switch to efficient, pollution-free heat pumps.

Two men installing solar panels on a roof

Record global renewable energy growth remains short of climate target, report says

A record amount of renewable energy capacity was added globally last year, but that still left countries short of targets towards meeting a U.N. climate goal to triple capacity by 2030, a report by global renewable groups shows.

From our Newsroom
Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Regulators are underestimating health impacts from air pollution: Study

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Pennsylvania governor Josh Shapiro speaks with the state flag and American flag behind him.

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

silhouette of people holding hands by a lake at sunset

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

wildfire retardants being sprayed by plane

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.