Oil Majors Abandon Carbon Neutrality, While Capital Rushes to Buy Chinese New Energy Stocks

→ This is the 1,930th original article by Global Zero Carbon. Not long ago, "net-zero emissions" was a global buzzword. Nearly 145 countries announced or considered carbon neutrality targets in recent years—covering close to 90% of global emissions. Global oil majors were at the forefront, loudly proclaiming their responsibility to achieve carbon neutrality. After all, if grouped as a single "country," their emissions would far exceed the carbon footprint of any individual nation. Yet now, this wave is receding—and the very same oil majors are leading the retreat. Meanwhile, capital is frantically buying shares in China’s new energy sector. 01 Without fossil fuels, can humanity survive? Clean Creatives released a new report reviewing over 1,800 advertisements, public statements, and promotional materials issued by major global energy companies between 2020 and 2024. It found that corporate messaging has shifted—from advocating climate action and clean energy to framing fossil fuels as essential for modern life and national security. The fastest U-turn came from BP (British Petroleum). In 2020, the company ambitiously pledged to cut production by 40% by 2030—but when oil prices surged, BP slashed that target to just 25% in 2023. Last year, it also cut its annual renewable energy spending from over $5 billion down to $1.5–$2 billion, while boosting oil and gas investment to $10 billion. BP even hinted it might abandon its renewable energy targets altogether, citing failure to meet its $40.9 billion underlying profit target for 2024. Shell followed suit: it scrapped its original plan to phase out production by 2030 and quietly withdrew its investment commitments to carbon capture and offset projects. ExxonMobil announced it will slash spending on low-carbon projects to $20 billion over the next five years—down one-third from its earlier $30 billion plan—and has suspended its low-carbon hydrogen and ammonia integrated project at its Baytown refinery in Texas. Dubbed one of the world’s largest low-carbon hydrogen projects, it was designed to produce 1 billion cubic feet of low-carbon hydrogen per day—with 98% CO₂ capture—and over 1 million tons of low-carbon ammonia annually. French energy giant TotalEnergies went even further: on March 26, it declared that the world will be unable to achieve carbon neutrality by 2050 as envisioned under the Paris Agreement—and thus the company must adjust its own climate goals accordingly. Researchers note that although rhetoric differs slightly, all these firms have followed a similar trajectory—from claiming "fossil fuels are part of the solution" to asserting "without fossil fuels (us), humanity cannot survive." Clearly, the world’s largest fossil fuel companies are entering a new phase of "climate deception," using such narratives to justify continued expansion of oil and gas operations. 02 Fossil fuels are unreliable— clean energy is indispensable! Now, with the Middle East conflict driving up energy prices, oil majors have reaped an unexpected windfall. Analysts point out that Chevron’s fourth-quarter output stood at 4 million barrels per day, with Brent crude spot prices averaging $64 per barrel.

In-Depth | ExxonMobil Under Scrutiny for Greenwashing? What Are the Top Ten Global Chemical Companies Doing Differently in Their Green Transitions?

Company Supply Chain Decarbonization Initiatives Carbon Reduction Targets BASF 1. Procure renewable electricity and low-carbon footprint raw materials wherever possible—e.g., palm oil, castor oil, and alanine produced via bio-fermentation. 2. Manage upstream and downstream value chains responsibly; actively conduct supplier assessments and support suppliers in improving sustainability performance. 3. Share expertise, experience, and best practices in climate protection and carbon management openly and inclusively across the industry to foster win-win development across supply chains. 1. Reduce Scope 1 and Scope 2 emissions by 25% by 2030 versus 2018 levels; reduce Scope 3.1 emissions by 15% by 2030 versus 2022 levels. 2. Achieve global net-zero CO₂ emissions by 2050 (covering Scopes 1, 2, and 3.1). Sinopec 1. Green procurement: Embed green and low-carbon principles across product design, procurement, manufacturing, packaging, and other stages; encourage suppliers to develop green technologies and products to jointly advance low-carbon transformation across the supply chain. 2. Conduct carbon footprint assessments for four products: lubricant base oil, para-xylene, jet fuel, and polypropylene. 3. As of end-2023, completed carbon footprint assessments for 26 products across 40 affiliated enterprises. By 2023, cumulatively reduced 12.6 million tons of CO₂; captured 500,000 tons of CO₂ annually; stored 300,000 tons of CO₂ annually; recovered and utilized 200 million cubic meters of methane annually. Dow Chemical 1. In China, Dow leverages materials science to help upgrade and transform the plastics industry—enhancing plastic circularity through innovative design and cross-industry collaboration across the value chain. 2. Joined the CDP Supply Chain Program to track climate impacts across the supply chain and identify decarbonization collaboration opportunities with suppliers. 1. By 2030, reduce annual net carbon emissions by 5 million metric tons (a 15% reduction) versus 2020 baseline. 2. Achieve carbon neutrality by 2050 (Scopes 1 + 2 + 3, including product benefits). LyondellBasell 1. Launched its +LC (Low-Carbon) Solutions portfolio—offering products with lower carbon footprints than fossil-based alternatives to help customers meet greenhouse gas (GHG) reduction goals. 2. Each +LC product carries an ISCC PLUS Mass Balance Certificate, ensuring full traceability across the value chain. Product Carbon Footprint (PCF) data is also provided, enabling direct comparison of +LC solutions’ carbon footprints against conventional fossil-based alternatives. 1. By 2030, reduce absolute Scope 1 and Scope 2 GHG emissions by 42%, and absolute Scope 3 GHG emissions by 30% versus 2020 baseline. 2. Achieve net-zero GHG emissions from global operations (Scopes 1 and 2) by 2050. ExxonMobil Between 2022 and 2027, plans to invest $17 billion in low-carbon solutions—60% focused on reducing its own emissions, and 40% on helping other companies reduce theirs. 1. Reduce GHG intensity by 20–30% by 2030 versus 2016 baseline. 2. Achieve net-zero emissions (Scopes 1 and 2) by 2050.

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