Leaders of 10 of the world's largest oil companies have stated their support for a new global treaty on climate change.
CEO's from eight of the companies met in Paris on Friday ahead of the United Nations climate summit which begins in November. They issued a joint statement declaring that they too would ''play their part'' in tackling climate change and that they were committed to ensuring global warming does not exceed 2°C.
Promoting the use of natural gas over coal as well as investments in carbon capture and storage along with renewable energy were also promised by the oil and gas leaders. However a previous commitment to put a price on carbon dioxide emissions was dropped, despite six of the ten companies calling on governments earlier in the year to impose a price on these emissions.
Company chiefs insisted that their commitments were sincere. Head of BP, Bob Dudley said the report showed they were ''being proactive'' and were showing a ''sense of commitment and urgency'' about climate change. However scepticism among critics have described these commitments as nothing more than ''hot air''.
''The oil companies behind this announcement have spent years lobbying to undermine effective climate action, each and every one of them has a business plan that would lead to dangerous global temperature rises, yet suddenly they expect us all to see them as the solution, not the problem'', Charlie Kronick, Greenpeace campaigner.
As global temperatures continue to rise any renewed interest in tackling climate change should be welcomed. Only time will tell whether the oil industry will act in time to fulfil their commitments and help to ensure global warming doesn't exceed 2°C.
