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Laxman Pai, Opalesque Asia: No fossil fuel energy major in Europe has yet set an emissions target in line with limiting climate change to 2 degrees Celsius, despite headline-grabbing climate announcements by several European oil & gas companies this year, said a report by money managers overseeing more than $22 trillion.
The new research by the $22 trillion-backed Transition Pathway Initiative (TPI), a global initiative led by asset owners and supported by asset managers, revealed that Europe's top oil companies are not yet aligned with U.N.-backed targets to combat climate change despite their plans to slash carbon emissions and pivot to renewable energy.
Only seven out of 59 companies studied - Royal Dutch Shell Plc, Repsol SA, Total SE, Eni SpA, Glencore Plc, Anglo American Plc, and Equinor ASA - have set emissions reduction targets in line with pledges made in the Paris Agreement, according to TPI.
But those targets equate to global temperatures rising by 3.2 degrees and are "widely regarded as insufficient to avert dangerous climate change," the report said.
Transition Pathway Initiative co-chair Adam Matthews said: "Investors have witnessed a flurry of significant climate announcements by fossil fuel majors this year, so it is striking this independent research still shows those commitments do not yet align with limiting climate change to 2°C."
"There has been some movement, with seven European companies now aligned with the Paris pledges, and Sh...................... To view our full article Click here
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