If the governments of the world get serious about tackling climate change and adopt aggressive limits on global warming emissions, many fossil fuel companies’ could see their assets become stranded, forcing them to fundamentally change their business models or go out of business altogether.
But there’s another reason why those companies are so desperate to forestall any and all attempts to rein in climate emissions by holding polluters accountable: fossil fuels companies themselves are responsible for a massive amount of the greenhouse gases cooking our climate.
The Climate Accountability Institute has updated its Carbon Majors Project in time for the climate talks in Lima, Peru, “detailing the direct and product-related emissions traced to the major industrial carbon producers in the oil, natural gas, coal, and cement industries” through 2013. CAI has found that the carbon-based fossil fuels and cement produced by just 90 entities were responsible for 65% of the 1,443 billion metric tonnes of CO2 emitted between 1751, the dawn of the industrial era, and 2013.
Some 50 investor-owned companies are among the 90 entities on the Carbon Majors list, and they are collectively responsible for nearly 22% of all global warming emissions up to 2013, while the 36 state-owned companies on the list are responsible for another 20%.
The UK’s largest pension company will call on the government to discuss legislative backing for clean energy investment later this year.