Petrobras Explores South American Coast for Oil Reserves
In a recent investigation conducted by the Associated Press, doubts have been raised regarding the genuine commitment of major oil companies to transition to renewable energies. While these companies, including Petrobras, Sonatrach, and Abu Dhabi National Oil Co., have participated in climate summits and claimed to be part of the renewable energy transition, the review of their investments and priorities tells a different story.
The analysis revealed that most oil and gas companies have minimal or no investments in established green technologies like solar or wind power. Instead, they focus on further exploration, extraction, and refining of oil. These plans extend over the next few decades, in direct conflict with scientific recommendations to move away from fossil fuels promptly.
Although some companies highlight “sustainable” or “green” sections in their annual reports, these often include biofuels, hydrogen development, and carbon capture, which have long-term potential to reduce emissions. Additionally, many companies promote natural gas as a cleaner-burning alternative to coal, despite acknowledging that it still emits significant amounts of methane, a potent greenhouse gas.
What is particularly concerning is that these companies primarily focus on reducing emissions in their own operations, without addressing the emissions generated when customers utilize their products for transportation, heating, and other purposes. These emissions, known as “Scope 3,” are considered the largest share of a companys emissions and are notoriously difficult to address.
Experts argue that oil and gas companies need to take responsibility for the emissions caused by their products, as they are the primary contributors to combustion. While these companies possess enormous profits and engineering capabilities, their reluctance to invest in and develop new renewable technologies raises questions about their commitment to a sustainable future.
It remains to be seen whether companies attending the upcoming COP28 conference, hosted in the United Arab Emirates, will demonstrate genuine efforts towards the renewable energy transition or continue to prioritize fossil fuel projects. As the world continues to grapple with the urgent need to combat climate change, the role of major oil companies will undeniably be closely scrutinized.
Source: phys.org/
