“Each of them wants to remain a fossil fuel giant, only not look like one,” said Van Baal. “Apparently far more pressure from society and responsible investors is needed to make oil executives see the writing on the wall.”
According to a report from Oil Change International “none of the evaluated oil majors’ come close to alignment with the Paris Agreement.”
Commenting on the report, Mark van Baal of shareholder advocacy group Follow This, noted that some oil majors are promising to reduce their own production by 2030, but none of them is promising to reduce their overall emissions by 2030.
“Almost all oil majors forecast increasing emissions by 2030, while all IPCC scenarios show that decreasing emissions by 2030 is imperative to have any chance to reach the goal of the Paris Agreement.”
“Shell always adds ‘in step with society’ which we interpret as ‘also consider a world that does not meet the Paris goals’.
Fortunately, more and more investors do not want to consider a world that does not reach ‘Paris’ and therefore vote for our climate targets resolutions.”