Global 500 Greenhouse Gas Report: The Fossil Fuel Energy Sector has been released by Thomson Reuters revealing GHG emissions data from 32 global energy companies, a key subset of the world’s largest publicly traded businesses. The report has been written in collaboration with BSD consulting and is the second in a series of GHG reports designed to create transparency and enable sound management of global GHG emissions.
The report includes data around customers’ use of company’s products, called Scope 3 data, to present a fuller view of the business’s overall contribution to GHG emissions. Among the data included in the report, 31% of GHG emitted globally on an annual basis comes from 32 global energy companies and the population’s use of their products.
Between 2010 and 2013, GHG emissions from the 32 energy companies and use of their products rose by 1.3%, a sharp contrast to the 2014 UN Environmental Program Emissions Gap Report, which recommended a 4.2% reduction of GHG emissions over the same time period to keep global temperatures within manageable limits.
Tim Nixon, Director, Sustainability at Thomson Reuters said, “since our last report, energy prices have decreased dramatically, economic conditions continue to improve and consumer habits remain unchanged, yet the data suggests that more progress needs to be made in curbing GHG emissions. While energy companies will need to play a leading role reducing GHG emissions, consumers and regulators must also play important roles if global GHG emissions are to be reduced.”
In addition to contributions from the Carbon Disclosure Project and the Climate Accountability Institute, self reported GHG emissions data was collected from energy sector businesses and combined with estimates pulled from Thomson Reuters ASSET4. ASSET4 gather standardised, objective, quantitative and qualitative ESG data on more than 4800 publicly listed companies.
John Moorhead, Executive Manager, BSD Consulting said, “the main goal of this new report is to provide for greater transparency into this important sector of the Global 500 from a GHG perspective. If we are to balance our needs for energy with our harmful effects on our environment and subsequent generations, it is critically important for energy consumers and producers alike to reduce total fossil fuel consumption, particularly in its most carbon intensive forms, and achieve the target of 1.4% or greater yearly reduction in GHG emissions.”
Edited from press release by Claira Lloyd