banks – all of which are members of the Net Zero Banking Alliance – advised on upstream deals totaling $566 billion. The report also suggests there might be implications for financiers themselves, noting that since 2017, five of the six largest U.S. Using industry and financial data on 3,000 major transactions over the past five years, EDF analysts identified hundreds of cases in which upstream assets owned by top-tier global producers that have made public commitments to cut methane emissions, stop flaring and improve transparency were sold off to new, often obscure operators with no such obligations.Ĭoncern is shared by a growing number of investors and other stakeholders about losing the ability to assess company risk or hold operators accountable for emissions commitments. Such deals are growing in both number and scale, reaching $192 billion in 2021 alone. And as these wells and other assets age under diminished oversight, the environmental challenges only get worse.” “Regardless of the sellers’ intent, the result is that millions of tons of emissions effectively disappear from the public eye, likely forever. “These transactions can make it look as though sellers have cut emissions, when in fact pollution is simply being shifted to companies with lower standards,” said Andrew Baxter, director of energy transition at EDF. (Austin, TX) A new report published today by Environmental Defense Fund tracks tens of thousands of oil and gas wells and other facilities as they were shifted from publicly traded companies to private ones, and from operators that have climate commitments to those without, documenting dramatic emissions increases that have followed.
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