Beautiful Virgin Islands

Tuesday, Mar 17, 2026

Oil companies are gambling the climate on a future that hasn’t yet been invented

Oil companies are gambling the climate on a future that hasn’t yet been invented

How seriously should we take the pledges of oil and gas giants such as BP and Shell to reach net-zero emissions by 2050? Such promises are important not only for the companies' public perception, but for the confidence of their largest investors, such as pension funds.

A new report from Oxfam, that was published on 3 August, has cast serious doubts on the feasibility of the companies methods.

Examining the pledges of four major energy companies – BP, Shell, TotalEnergies and Eni – the paper argues that each of their strategies to reach net zero is dangerously over-reliant on carbon offsets. Instead of making fundamental changes to their business models and reducing their own emissions, they depend on planting huge numbers of trees to absorb and store the CO2 which is the main driver of anthropogenic climate change.

The report says this simply won’t work. There isn’t enough land on Earth for the offsets to be feasible: “it is mathematically impossible to plant enough trees to meet the combined net zero targets announced by governments and corporations”. This issue is compounded by the fact that using vast amounts of land for trees would create higher levels of poverty and hunger in low-income countries, because it would limit the land that could be used for agriculture.

All four energy companies have responded to the report, acknowledging its concerns but pointing out that their future plans do not exclusively involve carbon offsets. Instead, their absolute emissions can be reduced, they say, by shifting to renewable energies, using low-carbon fuels, and improving operational efficiency. Carbon capture technology also promises a way of removing CO2 from the atmosphere without using large swathes of land.

But Aditi Sen, the climate policy lead at Oxfam and co-author of the report, says net-zero plans must be “anchored in science-based targets”, and it is not clear how absolute emissions will be reduced by technologies that have yet to be deployed or developed. Companies' own reports on sustainability are characterised, she says, by “a lot of data gaps... a lot of assumptions... a lot of people that are banking on technologies that are still not there”.

Although there are promising carbon capture alternatives to the traditional methods, these have a long way to go. Simon Nicholson, co-director of the Institute of Carbon Removal Law and Policy, says that “companies investing today in technological carbon removal are doing us all a great service by potentially speeding up research and development activities. But investments today in research and development shouldn't count towards net-zero goals tomorrow, because the dreams of carbon removal may never come to pass.”

Worse still is the fact that the report focuses only on companies which do have a plan. According to Sen, they have all “taken some steps in recognition of the urgency of climate change”, while most others “have actually not made any climate plans”.

As noted in the report itself, “Some of the biggest players in the sector, from state-owned Saudi Aramco to ExxonMobil and Chevron, have so far declined to set any targets, effectively burying their heads in the sand, and abdicating their climate responsibility.”

Sen says that some companies also continue to “spread disinformation” about the climate crisis and their response to it.

Part of the problem is the idea of net zero itself, which Sen calls an “amorphous term” which is applied loosely and allows major companies to get away with “business as usual”. Robust government intervention is, she says, the “critical lever for getting these companies to transform at a much more rapid pace”. Without it, there will soon be no business to do at all.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Western Allies Urge Restraint as Israel Weighs Expanded Ground Operation in Lebanon
Trump Warns NATO Faces ‘Very Bad’ Future Without Stronger Allied Support in Iran Conflict
UK Minister Says Britain Not Bound to Support Every Demand From U.S. President
Starmer Tells Trump Britain Will Not Be Drawn Into Wider Iran War
Starmer Tells Trump Britain Will Not Be Drawn Into Wider Iran War
UK Set to Introduce Steel Tariffs of Up to 50 Percent in New Industrial Strategy
European Governments Decline Trump’s Call to Send Warships to Reopen Strait of Hormuz
Fears Over Iran Conflict Weigh on UK Consumer Confidence
Starmer Says UK Working With Allies on Hormuz Shipping Plan After Trump Raises Pressure
Iran War and Energy Shock Shake Britain’s Economy and Political Debate
Deadly Meningitis Outbreak at UK University Leaves Two Dead and Several Seriously Ill
Deadly Meningitis Outbreak at UK University Leaves Two Dead and Several Seriously Ill
King Charles and Queen Camilla Share Personal Tributes to Their Mothers on UK Mother’s Day
Prince William Honors Princess Diana with Mother’s Day Tribute
UK Economy Stalls in January as Households Cut Back on Eating Out
AI-Generated Singer Becomes Viral Voice for Iranians With New Anthem
London Private Club Founder Plans Exclusive Palm Beach Venue Near Trump’s Mar-a-Lago
Ed Davey Urges Britain to Build Fully Independent Nuclear Missile Capability
What the UK Covid Inquiry Is and How It Investigates Britain’s Pandemic Response
What the UK Covid Inquiry Is and How It Investigates Britain’s Pandemic Response
US Treasury Links British Polo Patrons to Alleged Venezuelan Oil Proceeds Laundering Scheme
Hundreds Gather in London Despite Ban on Annual Pro-Palestinian March
Two Dead and Multiple Students Seriously Ill After Invasive Meningitis Outbreak at UK University
UK Considers Deploying Ships and Mine-Hunting Drones to Reopen Strait of Hormuz
Starmer and Trump Discuss Urgent Need to Reopen Strait of Hormuz Amid Escalating Iran Conflict
Prince Harry and Meghan Markle’s Planned Australia Visit Draws Mixed Reaction From Local Communities
Trump Calls on France and UK to Help Safeguard Strait of Hormuz Shipping Route
Boris Johnson Labels Bitcoin a ‘Ponzi Scheme’, Sparking Debate in Crypto World
UK Considers Targeted Aid for Vulnerable Households as Energy Costs Rise
Stellantis Urges Immediate Review of UK Electric Vehicle Sales Targets
Home Office Reverses Course to Allow Some Dual Nationals to Enter UK Using EU Passports
Reform UK Proposes Replacing Top Civil Servants With Officials Aligned to Government Agenda
Netflix Adds Critically Acclaimed ‘Best Film of 2025’ With Perfect Rotten Tomatoes Score
‘The Sums Don’t Add Up’: UK Farmers Hit by Soaring Costs as Iran War Disrupts Global Supplies
Confidential UK Biobank Health Records Found Online After Researchers Accidentally Expose Data
Trump Urges Britain and Allies to Deploy Warships to Safeguard Strait of Hormuz
Trump Urges Britain and Allies to Deploy Warships to Safeguard Strait of Hormuz
Middle East War Highlights Strategic Importance of Strong UK–Ireland Cooperation
Weak Growth Signals UK Economy Was Faltering Even Before Middle East Energy Shock
Marks & Spencer Tops UK Fashion Retail Rankings as Most Considered Brand
United States Launches Trade Investigation Into Allies Over Forced Labour Practices
United States Launches Trade Investigation Into Allies Over Forced Labour Practices
Russia Accuses Britain Over Storm Shadow Strike as London Reaffirms Ukraine’s Right to Self-Defence
Russia Accuses Britain Over Storm Shadow Strike as London Reaffirms Ukraine’s Right to Self-Defence
Royal Navy to Acquire Twenty Uncrewed Surface Vessels for Autonomous Warfare Testing
Russia Summons British and French Envoys After Ukrainian Storm Shadow Strike on Strategic Facility
Starmer Confirms Britain Will Maintain Sanctions on Russia Despite U.S. Policy Shift
UK Moves to Refine AI Definition in Investment Security Reform
UK Economy Stalls in January as Growth Unexpectedly Falls to Zero
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
×