Big Oil Promises On Climate & Money: Endless Wiggle Room, Fathomless Cognitive Dissonance
The oil and gas industry seems to have entered a state of cognitive dissonance. Like never before, energy companies are publicly acknowledging the threat posed by climate change and the need for society to reduce greenhouse gas emissions. At the same time, oil and gas production in the U.S. and globally continues to soar. Major oil companies have announced a series of commitments to reduce their emissions, even as they continue to invest in new projects that will boost production of the very fossil fuels that are driving climate change.
This tension has given rise to statements that seem to defy logic. In October, Michael Rubio, Chevron's general manager for environmental, social and governance engagement, told The New York Times that "you can increase your fossil-fuel production, deliver superior returns for your shareholders, and still be compliant with Paris."
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In October, Chevron announced it would cut the emissions intensity of its oil production by 5-10 percent and of its gas production by 2-5 percent by 2023. But as Rubio's comments made clear, the company also plans to expand production, leaving open the possibility that its actual emissions will stay flat or grow, even if its operations become more efficient. Chevron's commitment—as well as pledges by Exxon, BP and ConocoPhillips—also covers only the company's direct emissions. The vast majority of the emissions associated with oil—roughly 80 percent—come when it's burned, not from its production. In other words, Chevron's commitment addresses only a tiny piece of the emissions pie.
"Looking at the intensity of emissions allows us to normalize our measurement based on company size," said Sean Comey, a spokesman for Chevron. "We don't control demand, but we must be accountable for how we are efficiently and effectively providing the energy the world needs," he added. "The industry as a whole is still tinkering around the edges," said Andrew Logan, director of the oil and gas program at Ceres, a nonprofit that works with large investors to promote sustainable business practices.
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https://insideclimatenews.org/news/30122019/big-oil-admits-climate-change-risk-increases-production-exxon-chevron-bp-2019-year-review
