According to a recent evaluation by international watchdog Global Witness, more than 50 oil and gas companies who pledged their commitment to decarbonization at the COP28 climate summit are causing considerable controversy. This article delves into the activities, implications, and potential outcomes of these controversial pledges as part of the ongoing effort to combat the worsening climate crisis.
1. Over 50 oil and gas companies who pledged commitment to decarbonization at the COP28 climate summit have been flagged by the international watchdog, Global Witness, causing considerable controversy.
2. Despite these pledges, the report indicates that these companies still remain significantly invested in fossil fuels, contradicting their commitments to reducing carbon emissions.
3. Many of these companies reportedly continue to earn a significant proportion of their revenues from oil and gas extraction, regardless of the signed agreements.
4. The commitment to transitioning to cleaner energy sources appears to be overshadowed, as these companies' investments in renewable and green technologies are far less than their investments in fossil fuels.
5. These inconsistencies raise serious concerns about the credibility of the decarbonization pact and the effectiveness of such commitments in controlling the global climate crisis.
Global Witness found that these 50 oil and gas companies are actually responsible for 38% of all global emissions produced since 1965.
However, the report indicated that these companies are still heavily invested in fossil fuels, thereby contradicting the commitments they've made to reduce carbon emissions. Despite signing the agreement, many of them continue to derive a significant proportion of their revenues from oil and gas extraction. Moreover, while they have committed to transitioning to cleaner energy sources, their investments in renewable and green technologies remain significantly lesser than their investments in fossil fuels. This presents a serious concern for the credibility of the decarbonization pact and the effectiveness of such commitments in curbing the global climate crisis.