Oil and gas companies are increasingly setting emissions targets, many with net zero ambitions, but not all goals are equal, with many failing to link to Paris limits.
Corporate climate goals in the oil and gas industry must link to the finite limits that the carbon budget places on their activities, and the energy transition risks they face. Additionally, company goals are heavily reliant on unproven technologies to mitigate emissions. Oil and gas majors are hiding behind the alphabet soup of CCUS, CDR, NETs and NBS, rather than focusing on interim absolute emissions reductions to 2030 which are essential to follow a Paris pathway tow net zero.
Accountability and transparency are critical to reaching emissions targets, comparing company targets is challenging given the varying approaches. Carbon Tracker’s latest report Absolute Impact 2021 provides us with a framework in which to explore these corporate ambitions, providing a relative ranking of goals for ten of the largest oil and gas producers.
This webinar discusses the report with a panel of industry experts and answer the questions:
• Why are interim emissions reductions to 2030 critical on the path to net zero?
• What is the relative ranking of oil and gas company emissions targets?
• What are the implications for investors of company emissions targets?
• What are the risks of companies relying on CCUS and NETs to achieve goals?