Oil and gas companies all undermining Paris Agreement

30th September 2019


Web p6 istock 183891014

Related Topics

Related tags

  • Corporate governance

Author

Malcolm Goode

No major oil and gas firms are aligned with the Paris Agreement's ambition to limit global warming to 2°C, a study by the $15trn-backed Transition Pathway Initiative (TPI) has uncovered. After assessing the carbon performance of 50 oil and gas companies, the TPI also found that just two are aligned with the pledges – Royal Dutch Shell and Repsol.

The study also involved assessment of climate risk corporate governance, finding that coal is the worst-performing sector; 14 companies failed to recognise climate change as a relevant risk.

Of all the energy firms studied, 22% fall into the bottom ranking for climate risk governance. Of these, 14 are in the coal sector, six in oil and gas, and nine electric utilities.

The TPI is a global initiative led by asset managers. It warned that investors are increasingly concerned that the energy sector is failing to respond quickly enough to climate change.

Photo credit: iStock


Transform articles

Water companies fail to hit environmental targets

None of England’s water and sewerage companies achieved all environmental expectations for the period 2015 to 2020, the Environment Agency has revealed. These targets included the reduction of total pollution incidents by at least one-third compared with 2012, and for incident self-reporting to be at least 75%.

30th July 2021

Read more

The UK’s pipeline for renewable energy projects could mitigate 90% of job losses caused by COVID-19 and help deliver the government’s ‘levelling up’ agenda. That is according to a recent report from consultancy EY-Parthenon, which outlines how the UK’s £108bn “visible pipeline” of investible renewable energy projects could create 625,000 jobs.

30th July 2021

Read more

Billions of people worldwide have been unable to access safe drinking water and sanitation in their homes during the COVID-19 pandemic, according to a progress report from the World Health Organisation focusing on the UN’s sixth Sustainable Development Goal (SDG 6) – to “ensure availability and sustainable management of water and sanitation for all by 2030”.

30th July 2021

Read more

The oil and gas industry is set to burn through its allocated carbon budget 13 years early unless decisive action is taken immediately, new analysis has found.

22nd July 2021

Read more

The UK will no longer use unabated coal to generate electricity from October 2024, one year earlier than originally planned, the Department for Business, Energy & Industrial Strategy has announced.

2nd July 2021

Read more

The UK government is not on track to deliver on its promise to improve the environment within a generation and is failing to stem the tide of biodiversity loss, a damning new report from MPs has revealed.

1st July 2021

Read more

Renewable energy will account for nearly 40% of the world's power mix by the end of this decade, overtaking coal within the next few years, according to research by GlobalData.

24th June 2021

Read more

The UK's solar energy capacity must treble over the next decade for the country to achieve net-zero emissions by 2050, but is only set to double under a business-as-usual scenario.

18th June 2021

Read more

The Taskforce on Nature-related Financial Disclosures (TNFD) has today been launched to support financial institutions and corporates in assessing and managing emerging risks and opportunities as the world looks to reverse biodiversity loss.

4th June 2021

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert