Commercial, GHG Emissions, Industrial  -  September 25, 2017

BNEF: Oil majors join C&I sector in cutting GHGs

It's no longer just the C&I sector of the economy that has ramped up its commitment to reducing greenhouse gas emissions: According to a new report from Bloomberg New Energy Finance,  the oil majors have also hopped on board. 

Bloomberg News reported Sept. 18 that the world's five largest oil companies —Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., BP Plc and Total SA —have collectively reduced their greenhouse gas emissions by an average of 13% between 2010 and 2015. Citing BNEF data, the publication reported that Exxon, the largest emitter of GHG emissions among those top five, reduced its share by 14%. 

The news agency explained: 

The report shows a reverse from previous decades, when scientific warnings about climate change were new and the companies behind the most emissions lobbied policymakers to ignore the issue. As mega-storms like Hurricane Irma this year and Sandy in 2012 raised consciousness about the issue, companies even in the oil business have taken steps to rein in pollution and associate themselves with the green agenda.

Overall, 62 of the world's 100 largest companies have consistently reduced their emissions each year between 2010 and 2015, marking an overall 12% decline over the five-year period, according to Bloomberg. The percentage shakes out to 70.7 million tons of carbon dioxide and other greenhouse gases, which is about as much as Israel emits in a year. 

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