Abstract
Reaching carbon neutrality by 2050 requires accelerated efforts to deploy clean energy while downscaling fossil-fuel extraction. With fossil-fuel producers under increasing pressure to respond to this challenge, large international oil and gas companies (so-called “majors”) are claiming to be transitioning to clean energy and net-zero emissions. This chapter focuses on pathways to net-zero proposed by BP, Shell, Chevron and ExxonMobil. It examines extensive documentation to answer: (1) How do decarbonization objectives differ, and do these include plans to downscale fossil-fuel production and sales? (2) Do decarbonization pathways rely on offsets, and in what way? (3) What are the consequences of offset reliance? Findings show no major has chosen to decarbonize by completely phasing out of fossil-fuel production. The American majors also trail their European counterparts significantly for decarbonization ambition. Meanwhile, all majors intend to or already use carbon offsets. Notably, the European majors are leveraging these to develop “carbon-neutral” hydrocarbon shipments and offset services for the aviation industry. BP and Shell as well as Chevron are vigorously investing in offsets, advocating this approach to industries needing a drop-in panacea to the decarbonization challenge. Based on this evidence, I argue that decarbonization pathways championed by the four majors promote a business-as-usual trajectory, collectively posing a major obstacle to society’s efforts to mitigate climate change by transitioning beyond fossil fuels. Finally, the chapter discusses Japan’s role in fostering demand for offset hydrocarbons.
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Trencher, G. (2023). Keeping Your Fossil-Fuel Cake While Eating It? Comparing the Decarbonization Approach of BP, Chevron, ExxonMobil and Shell. In: Adachi, Y., Usami, M. (eds) Governance for a Sustainable Future. Springer, Singapore. https://doi.org/10.1007/978-981-99-4771-3_13
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