Stock markets rise after Bank of England’s commitment to buy £65 billion bond
Bank of England announced that it would purchase £65 billion worth of...
Emissions of greenhouse gas
According to a news investigation, major oil firms are not disclosing a key source of greenhouse gas emissions.
The source discovered unreported emissions from gas flaring at oil fields where BP, Eni, ExxonMobil, Chevron, and Shell operate in millions of tonnes.
The “wasteful” burning of extra natural gas created during oil production is known as flaring.
The businesses claimed that their reporting procedure followed accepted business standards.
Flared gases produce an air-polluting mixture of carbon dioxide, methane, and black soot that hastens global warming.
High concentrations of chemicals may cause cancer in Iraqi towns close to oil fields where gas is flared. According to research, these fields have some of the highest rates of unreported flaring worldwide.
The UN’s special rapporteur on human rights and the environment, David Boyd, responded by calling these communities “contemporary sacrifice zones, places where profit and private interests are prioritized over human health, human rights, and the environment.”
The inquiry from the front lines of climate change in Iraq reveals the catastrophic effects of the oil giants’ poisonous air pollution on children and the environment.
Companies have long understood the need to stop all flaring unless for emergencies.
However, the corporations assert that the obligation to report flaring emissions lies with the entity with whom they have contracted to handle day-to-day operations.
These fields make up, on average, 50% of the portfolios of these five corporations and represent a significant component of oil production.
After months of study, it was discovered that nobody is reporting emissions from the hundreds of oil fields where these operators are not.
We were able to pinpoint the emissions from each of these locations using World Bank flare-tracking satellite data. According to our estimation, these eruptions released over 20 million tonnes of CO2 equivalent in 2021 without being recorded. That is equivalent to the annual greenhouse gas emissions produced by 4.4 million autos.
All five companies responded that reporting emissions exclusively from the locations they directly run was common practice in the sector.
Additionally, Shell and Eni stated that while they do provide an overall emissions figure that accounts for flaring from non-operated sites, this figure is not broken down or included in their World Bank commitment to reduce emissions.
Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News
Download The BOL News App to get the Daily News Update & Live News.