Posts Tagged → fossil fuels

Oxfam: Fossil fuel companies projected to earn almost $3,000 a second in 2026

Oxfam: Fossil fuel companies projected to earn almost $3,000 a second in 2026.

From a report released on the eve of the first global conference on ‘Transitioning Away from Fossil Fuels‘, which takes place in Santa Marta, Colombia:

Six of the biggest fossil fuel companies are projected to earn $2,967 a second in profits in 2026, new Oxfam research finds, ahead of the first global conference this week on Transitioning Away from Fossil Fuels in Santa Marta, Colombia. This marks an increase of almost $37 million a day compared to the 2025 profits of these six corporations – Chevron, Shell, BP, ConocoPhillips, Exxon and TotalEnergies. Their total projected fossil fuel profits of 2026 are $94 billion: enough to provide solar power for the energy needs of almost 50 million people in Africa.

Link.

CarbonBrief Factcheck: Nine false or misleading myths about North Sea oil and gas

CarbonBrief Factcheck: Nine false or misleading myths about North Sea oil and gas.

CarbonBrief factchecks claims made in the UK by opposition politicians, newspapers and other public figures who are using the fossil fuel energy crisis triggered by the US-Israel war on Iran to argue in favour of opening the North Sea to more oil and gas drilling.

Link.

Ember Report: Wind and solar overtook fossil fuels for EU power generation in 2025, for the first time

Ember Report: Wind and solar overtook fossil fuels for EU power generation in 2025, for the first time

We’re winning.

A study by the energy think tank Ember found that the EU’s electricity transition reached a new milestone in 2025 with wind and solar generating more power than fossil fuels for the first time. From the Guardian report:

Turbines spinning in the wind and photovoltaic panels lit up by the sun generated 30% of the EU’s electricity in 2025, according to an annual review. Power plants burning coal, oil and gas generated 29%.

EU solar generation reached a record 369 TWh in 2025, 20% higher than in 2025 and wind and solar generated more electricity than fossil fuels in 14 of the 27 EU countries.

The report, Ember’s 10th annual, is here.

Half of world’s CO2 emissions come from just 32 fossil fuel firms, study shows

Guardian: Half of world’s CO2 emissions come from just 32 fossil fuel firms, study shows.

Guardian report on the Carbon Majors annual review of the CO2 emissions from the world’s biggest fossil fuels.

Just 32 fossil fuel companies were responsible for half the global carbon dioxide emissions driving the climate crisis in 2024, down from 36 a year earlier, a report has revealed.

Saudi Aramco was the biggest state-controlled polluter and ExxonMobil was the largest investor-owned polluter. Critics accused the leading fossil fuel companies of “sabotaging climate action” and “being on the wrong side of history” but said the emissions data was increasingly being used to hold the companies accountable.

State-owned fossil fuel producers made up 17 of the top 20 emitters in the Carbon Majors report, which the authors said underscored the political barriers to tackling global heating. All 17 are controlled by countries that opposed a proposed fossil fuel phaseout at the Cop30 UN climate summit in December, including Saudi Arabia, Russia, China, Iran, the United Arab Emirates and India. More than 80 other nations had backed the phaseout plan.

Saudi Aramco was responsible for 1.7bn tonnes of CO2, much of it from exported oil. If it were a country, Aramco would be the world’s fifth biggest carbon polluter, just behind Russia. ExxonMobil’s fossil fuel production led to 610m tonnes of CO2 – it would be the ninth biggest polluter, ahead of South Korea.

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It Will Cost Up to $21.5 Billion to Clean Up California’s Oil Sites. The Industry Won’t Make Enough Money to Pay for It.

From Propublica (18-May-2023).

When you add externalities into the cost of fossils fuels, it’s not remotely close to a profitable business.

Cleaning up, plugging and decommissioning California’s old gas and oil wells will cost an estimated $21 billion, three times the industry’s projected future profits. And those costs don’t include cleaning methane and carbon dioxide from the atmosphere.

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Report takes Carney climate alliance to task for providing billions for new fossil fuel projects

From The Financial Post (17 Jan 2023): A study published Jan. 17 by a dozen groups including Reclaim Finance, Stand.earth, the Rainforest Action Network, Les Amis de la Terre France, and South Africa’s Centre for Environmental Rights, says the 56 largest members of the Net-Zero Banking Alliance — a sectoral subset of GFANZ members —… Continue reading →