How Big Polluters are using “net zero” to block meaningful action at COP26

This fact sheet by Friends of the Earth International argues that major corporations and industry groups are using "net zero" commitments as a "con" to greenwash their images and block effective climate policy ahead of COP26. The document details how six specific entities—BP, Microsoft, IETA, BlackRock, Shell, and Drax—continue to invest in fossil fuels, lobby governments, and rely on unproven technologies or offsets while maintaining a public image of climate leadership.

• BP continues to invest heavily in fossil fuels despite its net zero claims, with plans to spend US$71 billion on extraction and launch seven new hydrocarbon projects in 2022. The company justifies this by labeling fossil gas, fossil hydrogen, and Carbon Capture Utilization and Storage (CCUS) as "net zero" solutions and prioritizes offsetting over emissions reductions.
• Microsoft acts as a major tech partner to the oil and gas industry, providing AI for oil discovery and extraction. Its contract with ExxonMobil alone is estimated to cause emissions equal to 20 percent of Microsoft's annual carbon footprint. The company's net zero plans rely on offsets and technology that it admits does not yet exist.
• The International Emissions Trading Association (IETA), funded by companies like BP, Chevron, and Shell, promotes carbon markets as a replacement for public finance for adaptation. IETA's scenarios reportedly do not account for the impact on ecosystems and societies.
• BlackRock maintains significant investments in polluting assets, including US$85 billion in coal and US$75 billion in tar sands production. Despite its 2050 net zero commitment, it has voted down 88 percent of climate-friendly shareholder resolutions.
• Shell is responsible for 2 percent of historical global CO2 and methane emissions and intends to spend US$8 billion annually on oil and gas. To offset its proposed 120 million tonnes of annual CO2 by 2030, it would require land three times the size of the Netherlands.
• Drax, the UK's largest single source of CO2 emissions, receives over £2 million daily in public subsidies. Its net zero goals rely on capturing up to 16 million tonnes of CO2 annually via untested technology, though it currently captures less than 1/100th of expected emissions.

APA

Friends of the Earth International (2021). How Big Polluters are using “net zero” to block meaningful action at COP26. https://www.foei.org/wp-content/uploads/2021/06/Final-Still-A-Big-Con-2-pager.pdf

Chicago

Friends of the Earth International. How Big Polluters are using “net zero” to block meaningful action at COP26. 2021. https://www.foei.org/wp-content/uploads/2021/06/Final-Still-A-Big-Con-2-pager.pdf.

Wikipedia

{{cite report |author=Friends of the Earth International |title=How Big Polluters are using “net zero” to block meaningful action at COP26 |date=October 2021 |url=https://www.foei.org/wp-content/uploads/2021/06/Final-Still-A-Big-Con-2-pager.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{friendsoftheearthinternational2021how, author = {{Friends of the Earth International}}, title = {{How Big Polluters are using “net zero” to block meaningful action at COP26}}, institution = {Friends of the Earth International}, year = {2021}, month = oct, url = {https://www.foei.org/wp-content/uploads/2021/06/Final-Still-A-Big-Con-2-pager.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }