Today's release of a critical report by CAN Europe and Friends of the Earth Europe shines a glaring spotlight on the role of EU-based entities in the world's largest fossil fuel extraction projects. Alarmingly, 107 of the 425 biggest projects are tied to European companies like Total Energies, Shell, RWE, and ENI, or backed by the continent's major banks. This revelation is not just a statistic—it's a call to action, an urgent nudge to impose legally binding climate reduction targets on these corporations and their financiers.
The Corporate Sustainability Due Diligence Directive (CSDDD) could be the game-changer we need. This directive isn't just another piece of legislation; it's a potentially transformative mechanism that could reel in the unchecked expansion of fossil fuel giants and steer them towards responsible business conduct that respects our planet's climate boundaries.
However, the directive is now at a critical juncture, caught in the crossfire of negotiations. The EU Parliament is pushing for robust climate obligations, demanding large EU-based companies to craft and execute climate transition plans aligned with the 1.5°C target of the Paris Agreement. In stark contrast, the European Council is leaning towards minimal obligations, seeking to strip away liability for climate damages.
The involvement of European companies in projects that could emit 17 times more carbon than the EU's allowable budget for 2030 is not just unacceptable—it's a direct threat to our climate goals and the well-being of our planet. The CSDDD represents a pivotal opportunity to align corporate practices with environmental imperatives, and it's high time for all stakeholders to rise to the occasion.
🔗 ACCESS THE REPORT HERE: https://caneurope.org/carbon-bombs/