Photo: Jean-Francois Monier Agence France-Presse
A refinery of oil giant Total, to Gonfreville-l Orcher in France
Patrick Galey – Agence France-Presse and
Marlowe Hood – Agence France-Presse
July 24, 2020
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).
So Shell, which provides for a reduction of its emissions 65 % by 2050, expenditure of 3 to 5% of its investments in renewable energy 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 linked to investments in renewable energy, while stating to have spent 55 % of its investments in the energy transition (natural gas and biofuels including). “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, it has not commented on the report, but said spending already 10 % of its capital investments in 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 per year (about 50% of their capital investments). The report also highlights that, when the use of their products by the final consumer is taken into account, Shell and Total, are ” among the most important contributors to the concentration of greenhouse gases in the atmosphere.