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Researchers at the Environmental Defense Fund (EDF), one of the largest environmental nonprofit organizations in the United States, recently reported that in their studies Between 2017 and 2021, more than 3,000 deals were investigated, with large publicly traded companies bypassing tens of thousands of problem wells and the responsibilities that come with them.
The private companies you take are out of control, don’t pay much attention to their owners and their business practices, and only have to comply with local regulations. Ignoring the Paris Agreement, which seeks to prevent the climate from deteriorating, is difficult or impossible to implement.
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Among the companies surveyed, of course, are British-Dutch Shell, whose board of directors is now responsible for its rising emissions, as well as TotalEnergies in France and Eni in Italy. While their shareholders are increasingly being charged for net zero emissions from companies, they have quietly sold some of their Nigerian interests last year, thus specifically harming the environment.
While inspections have halted routine burning at these oilfields since 2013, according to an EDF study, since the sale, the private companies acquiring the wells have been actively extracting the oil by burning natural gas, releasing large amounts of carbon dioxide, soot and methane particles into the atmosphere. .
According to the World Bank, such wasteful and similarly polluting industrial practices play a major role in reducing emissions. The CNBC Eni stated that sales were not part of its strategy to reduce emissions and that the “identified asset” [új] to the operator.
An Eni spokesperson added that such sales must comply with “local regulations, include human rights clauses and be subject to government approval.”
Retroactive liability
Fortunately, regulation is not lenient everywhere. An expert on Ceres, another nonprofit, says so-called orphan wells are a serious problem in North America. These are abandoned extraction units that can easily fall into the hands of companies that have neither the experience nor the will to clean them.
In contrast, in the Gulf of Mexico, for example, the seller has the responsibility to transfer his interests to companies that are able to handle the wells. No matter how many owners pass such a well, if it is not cleaned properly, the cost of environmental interventions is borne by the original owner.
Last July, for example, each of the world’s largest emitters contributed hundreds of millions of dollars in contributions. were required to pay in the Gulf after Fieldwood Energy LLC, which owns the wells, filed for bankruptcy. Many experts have recorded the issue as a watershed, saying that laws like this one could be used to combat irresponsible dumping.
(Cover Image: Getty Images )
