Facts for Prelims (FFP)
Context: A report by Greenpeace Central and Eastern Europe (CEE) has found that European Big Oil companies failed to fulfil their Net Zero pledges in 2022.
- The 12 largest oil and gas companies in Europe produced only 0.3% of their energy from renewables, with the rest coming from oil and gas.
- While these companies reported a 75% increase in profits and a 70% increase in revenues in 2022, their investments in green energy only rose by 37%.
- It called for stricter government regulations on fossil fuel companies, including mandatory green infrastructure investment and the decommissioning of North Sea infrastructure.
- The report also urged governments to establish a detailed roadmap for phasing out oil and gas across Europe and to increase regulations on international oil companies, including banning advertising.
About Net Zero Pledges:
Net-zero pledges are a goal to prevent the concentration of carbon in the atmosphere from increasing. They require reducing human-caused emissions, such as those from burning fossil fuels, as close to zero as possible.