Big Oil Becomes Greener With Progress in Cutting Pollution

It’s no secret that oil majors are among the biggest corporate emitters of pollution. What may be surprising is that they’re reducing their greenhouse-gas footprints every year, actively participating in a trend that’s swept up most corporate behemoths.

Sixty-two of the world’s 100 largest companies consistently cut their emissions on an annual basis between 2010 and 2015, with an overall 12% decline during that period, according to a report from Bloomberg New Energy Finance (BNEF) released ahead of its conference in London on 18 September.

The findings suggest the most polluting industries had started fighting climate change before President Donald Trump took office and signaled he’d back out of US participation in the Paris accord on limiting fossil fuel emissions. Now, as European officials say the White House may water down its commitment to Paris instead of scrapping the deal, the BNEF report suggests industry is scaling back the emissions.

“It doesn’t matter if Trump stays in Paris; it’s irrelevant as the states and big corporations are moving forward with clean energy,” Peter Terium, chief executive officer of the German power generator Innogy SE, said on the sidelines of the BNEF conference on Monday. “They’re not waiting. We’re seeing renewable energy becoming more and more competitive opposite fossil fuels like coal.”

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