Oil Giants Turn Back On Global Group Pushing ‘Net Zero’ On Energy Industry
Several major energy companies reportedly exited an advisory group that promoted draconian corporate climate targets after learning the alignment could threaten their ability to develop new oil and gas fields, according…
Several major Energy companies reportedly exited an advisory group that promoted draconian corporate climate targets after learning the alignment could threaten their ability to develop new oil and gas fields, according to Financial Times.
Shell, Aker BP and Enbridge all exited the climate advisory group known as the Science Based Targets initiative (SBTi) after a draft policy said the companies must stop developing new oil and gas fields after submitting a climate plan to SBTi or the end of 2027, whichever comes first, according to Financial Times. The SBTi partners with the United Nations and advises companies on how to reduce their greenhouse gas emissions to achieve net-zero emissions by 2050.
“We’ve been engaged in various ways with the Science Based Targets Initiative (SBTi) since 2019. Ultimately, we stepped away from SBTi’s expert working group as the feedback provided was not reflected in the draft guidance SBTi had circulated,” a spokesperson for Enbridge told the Daily Caller News Foundation. “We believe that a practical and durable path to net zero must include global Energy security considerations and embrace flexibility for companies to pursue viable emission reduction strategies.”