Just a few fossil fuel producers and their investors can stop climate change.
A study named “The Carbon Report” shows how a very small group are responsible of the main greenhouse gas emissions. The study shows that more than half of global industrial emissions since 1988 can be traced to just 25 corporate and state-owned entities. According to the report, this quantity of emission is enough to associate these entities with climate change.
The big boys
The highest emitting investor-owned companies are ExxoMobil, Shell and Chevron. If fossil fuels continue to be extracted at the same rate, global average temperature would be +4C by 2100. This means catastrophic consequences, including the loss of extremely important species and global food scarcity risks. Moreover, one fifth of total global industrial greenhouse gas emissions are related to public investment.
Fossil money is getting risky
According to Mihael Brune, executive director of US environmental organization of the Sierra Club “Not only is it morally risky, it’s economically risky. The world is moving away from fossil fuels towards clean energy and is doing so at an accelerated pace. Those left holding investments in fossil fuel companies will find their investments becoming more and more risky over time.”
Charli Kronick, senior programme advisor at greenpeace UK says inverstors now have a choice: “The future of the oil industry has already been written: the choice is will its decline be managed, returning capital to shareholders to be reinvested in the genuine industries of the future, or will they hold on, hoping not be the last one standing when the music stops?”
Here’s the complete study.