Shell and Total are spending 90% to the fossil record, despite their commitments

Shell et Total dépensent 90% vers les fossiles, malgré leurs engagements

The giants of the energy Shell, anglo-Dutch, and Total, the French continue to make 90% of their investments in fossil fuels despite their promises to reduce their emissions of greenhouse gases, according to a report released Thursday.

With combined emissions equivalent to those of Germany, the fourth largest economic power in the world, the two groups will probably “not be at the height” of their own objectives of sustainable investments, considers the reflection group IEEFA (Institute for Energy Economics and Financial Analysis).

Many manufacturers are committed to reduce their CO2 emissions to align with the Paris agreement which aims to limit warming to a maximum of +2°C relative to pre-industrial.

But the two energy groups, among the most virtuous in the material, spend only a small portion of their investments to reduce their emissions.

So Shell, which provides for a reduction of its emissions 65% by 2050, spending 3% to 5% of its investments in renewable energies, and will fail in its objective of 4 to 6 billion dollars per year for projects of green energy for 2020, according to the IEEFA.

According to a spokesperson for the group, Shell did not have a clear purpose related to the investment in renewable energies, indicating that they spent 55% of its investments in the transition energy (natural gas and biofuels included).

“We fully support the Paris agreement and the need for a transition towards a low-carbon, and we are committed to playing our role “, said the spokesperson to the AFP.

About Total, which is committed to carbon neutrality in Europe in 2050, its goal to install 25 gigawatts of renewable energy capacity by 2025 will be difficult to be achieved, according to the IEEFA.

The French group has not commented on the report but said spend 10% of its capital investments (Capex) at the electricity low-carbon, with a goal to increase to 20% ” by 2030 or sooner “.

The IEEFA recognizes that the two giants have made progress, but believes that they should invest more in green energy: each $ 10 billion a year in renewable sources (about 50% of their capital investments).

“It is difficult to see how one or the other company will come to the massive transformation shown in terms of carbon intensity [amount of CO2 emitted per unit of energy produced] without departing radically from those of investments in oil and gas,” said Clark Butler, author of the study.

The report also highlights that when the use of their products by the final consumer (scope said, ” scope 3 “) is taken into account, Shell and Total, are ” among the most important contributors to the concentration of greenhouse gases in the atmosphere.

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