US OIL MAJORS LAGGING BEHIND EUROPEAN ON CLIMATE ACTION

23 Nov US OIL MAJORS LAGGING BEHIND EUROPEAN ON CLIMATE ACTION

A new report by the CDP which analyses a US$1.2tn grouping of the world’s major publicly-listed international oil and gas companies reveals a transatlantic divide as European companies outperform their US peers in preparedness for a low-carbon future by beginning to invest in alternative energy sources and shifting to gas from oil.

The oil and gas industry, and the use of its products, accounts for approximately 50% of global CO2 emissions. Climate policies and disruptive technology affecting the use of hydrocarbon products in transport and utilities sectors will require the oil and gas industry to rapidly adapt in order remain competitive in the future, the CDP report argues.

Read the full report here.