Executive Summary
The report assesses the climate and sustainability pledges of eight major U.S. and European oil and gas companies: BP, Chevron, ConocoPhillips, Eni, Equinor, ExxonMobil, Shell, and TotalEnergies.

The ten assessment criteria, representing baselines for potential alignment with the Paris Agreement, are based on ambition, integrity, and people-centered transitions. Despite numerous climate pledges, none align with the Paris Agreement’s goal of limiting global temperature rise to 1.5°C. The companies continue to expand fossil fuel exploration and production, failing to set meaningful reduction targets. For example, Chevron, ConocoPhillips, and ExxonMobil are rated “Grossly Insufficient” on all criteria.

Introduction
Big oil and gas companies’ climate pledges are inadequate, leading to increased climate risks and societal harm. Despite the need for a transition to renewable energy, these companies persist in fossil fuel investments, pocketing significant profits while exacerbating climate impacts. The report critically evaluates their pledges against ten criteria, highlighting their failure to meet minimum standards for Paris Agreement alignment.

The case for keeping oil, gas, and coal in the ground has never been stronger
Fossil fuels are the primary cause of the climate crisis, with impacts disproportionately affecting vulnerable communities. Existing and planned fossil fuel projects exceed the carbon budget for limiting warming to 1.5°C. Urgent action is needed to halt new fossil fuel projects and phase out existing ones to avoid catastrophic climate impacts.

Big oil and gas climate pledges and plans spell climate disaster
All assessed companies rate as “Grossly Insufficient” on key criteria, including ending exploration and new extraction projects. None have committed to reducing production in line with the 1.5°C target. For example, BP plans to reduce production by 2030 but has scaled back its targets and continues to initiate new projects. Six out of eight companies have explicit goals to increase oil and gas production while none of them has a long-term plan to phase out its oil and gas production in line with the 1.5°C limit. Regarding the protection of human rights and Indigenous Peoples’ rights, six out of eight companies rated as “Grossly Insufficient”, while the other two scored “Insufficient.”

Conclusion and recommendations
The report concludes that major oil and gas companies cannot be trusted to self-regulate and transition away from fossil fuels. Governments and investors must intervene to ensure a just and equitable phase-out. Recommendations include ending new fossil fuel project approvals, setting phase-out dates aligned with the 1.5°C target, eliminating subsidies, and ensuring companies pay for climate damages and support affected communities.

Recommendations for immediate actions for governments include:

• Ending new fossil fuel extraction licenses.
• Setting phase-out dates for oil and gas production aligned with global equity principles.
• Eliminating fossil fuel subsidies and redirecting finance to clean energy.
• Implementing policies to ensure a just transition for workers and communities.
• Holding companies accountable for cleanup and reparations.