Document / Publication
Union of Concerned Scientists (UCS)
This report focuses on facilities run by the top five U.S. refining companies, assessing both the extent of their climate risk and the companies’ failure to address that risk and publicly disclose it to their investors.
When thinking about fossil fuel companies in connection with climate change, it is usually to focus on the role of their products in generating carbon emissions. But these companies are also, like everyone else, subject to the impacts of climate change. Fossil fuel energy companies face tremendous risks from the impacts of climate change. Sea level rise and enhanced storm surge can damage or destroy coastal energy facilities, curtail production (or stop it altogether), and inundate nearby communities.
Many of the companies that operate refineries are not disclosing these risks adequately to shareholders and local communities. When companies neglect to disclose and prepare for these risks, they face greater potential for spills and other damages caused or made worse by climate impacts. This report seeks to educate companies about these climate impacts and ensure they are reported. Greater transparency about the risks associated with the fossil fuel energy infrastructure allows stakeholders to make more informed decisions about their energy choices.