Follow This response to the IPCC report
“This report strips oil majors that advocate for a slow transition of all climate credibility. Oil major CEOs who claim to be part of the solution must, yet again, draw only one conclusion from this report: that they must cut their emissions immediately and drastically, not just by 2050. They can only join the fight against climate change by radically shifting investments away from fossil fuels. There is no longer time for a slow transition, the report is clear: every tonne of CO2 adds to global warming. A gradual transition may have been within reach when the IPCC was first established in 1988, but after years of financing climate denial and stalling on real climate action, oil and gas companies are left with only one choice: rapid decarbonisation, or a global market devastated by climate change.”
“Oil majors that don’t radically reduce emissions this decade, can not claim to be Paris-aligned,” said Mark van Baal of Follow This, which rallies a growing body of investors behind its climate resolutions. The climate resolutions support oil majors to set Paris-consistent emission reduction targets. In the US, the climate resolutions won three consecutive majorities at ConocoPhillips, Phillips66, and Chevron.
Key sentences from the report for Follow This:
“To limit global warming, strong, rapid and sustained reductions in CO2, methane and other greenhouse gases are necessary.”
“Unless there are immediate, rapid, large-scale reductions in greenhouse gases, limiting global temp to 1.5 will be beyond reach.”