PRESS RELEASE – Follow This response to new IPCC report
“The new IPCC report stresses the need for immediate, significant emission cuts; a step which Big Oil has so far neglected”, says Follow This.
“This report underlines the urgency for shareholders to support Big Oil to set Paris-aligned emission reduction targets.”
According to the new IPCC report, the window for taking action to prevent climate change is closing faster than expected. In order to make sure that we maintain the habitability of our planet, global emissions must be reduced by approximately 45% this decade. Big Oil is responsible for a vast majority of current GHG emissions. They must severely reduce their emissions in order to limit global temperature increase to 1.5 degrees and prevent the most devastating consequences of climate change.
The need to stay within global warming of 1.5°C has been recognized widely, but the report states that “[e]ven temporarily exceeding this warming level will result in additional severe impacts, some of which will be irreversible,” (IPCC press release).
“The 2050 net-zero promises of Big Oil without rapid and significant emission reductions are increasingly futile. Oil majors need to cut emissions right now to increase the chance of a ‘liveable and sustainable future for all,’” states Follow This.
“The upcoming AGM season will be a pivotal moment for the world and for Follow This. The IPCC report reaffirms the urgent need for investors to vote in favor of the Follow This resolutions. Without these votes, Big Oil could further delay action and miss the opportunity to mitigate the devastating effects of climate change.”
While regulatory and judicial interventions are important and impactful, the outcomes take time. Action must be taken immediately. A vote in favor of The Follow This resolutions in May is an effective way to support oil and gas companies to reduce their emissions now.