Burning fossil fuels is by far the leading cause of climate change, and investigations have shown that most fossil fuel companies were aware of and deliberately mislead the public on the dangers of fossil fuels. And according to a study from U.K. think tank CDP, virtually none of the world’s major oil companies are dedicating any of their profits toward solving the problem. Overall, the study found that the world’s large oil companies spent only about 1.3 percent of their 2018 budgets on renewable energy investments.
CDP, formerly known as the Carbon Disclosure Project, has spent decades tracking how much various companies contribute to climate change and how much they spend trying to fix it. For this study, CDP examined two dozen oil companies from Europe, China, and the U.S., along with two companies from Brazil and Australia.
According to the data, European companies are the best at actually spending money to address climate change. The top five oil companies in the CDP analysis are all from various countries in Europe, and European companies have bought about 70 percent of the entire global oil industry’s renewable capacity.
Among these European pack leaders are Norway’s Equinor, France’s Total, and Shell. All of these companies have plans to spend billions of dollars on clean energy over the next decade. While this action is far from enough to really halt or reverse the effects of climate change, it’s a step in the right direction.
The other end of the list, however, is made almost entirely of companies from China and the United States. These companies—such as ExxonMobil and China’s Petrochina and Sinopec—have contributed more than almost anyone else to climate change, and are doing less than almost any other fossil fuel corporation to fight it.
“With less domestic pressure to diversify, US companies have not embraced renewables in the same way as their European peers,” reads the CDP report. Meanwhile, time is running out to invest in solutions.
Source: Carbon Disclosure Project
Originally posted on Popular Mechanics