Oil & gas majors unite around key energy transition principles
Energy companies BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total have announced they have agreed on six joint principles to drive their participation in the energy transition. The oil and gas sector has a great deal of work to do to decarbonise and as the drive to net zero picks up pace, there is simply no choice but to place climate ambitions at the centre of all strategic planning.
Besides the pressure from the energy transition and the growth of renewables, stakeholders also are asking for more consistency and transparency in the metrics used by industry to report on climate-related performance. In response to these pressures, these companies have decided to collaborate strategically on a set of principles to foster a collaborative approach to dealing with the challenges facing the industry.
The six principles agreed to and embraced by the companies are:
- Public support for Paris Agreement goals: Publicly support the goals of the Paris Agreement, including international cooperation as a vehicle to ensure these goals can be achieved at the lowest overall cost to the economy
- Industry decarbonisation: In line with each company’s individual strategy, ambitions and aims, work to reduce emissions from their own operations and strive to reduce emissions from use of energy, together with customers and society. Companies may measure their contributions using carbon intensity and/or absolute metrics at different points in the value chain as determined by their approach
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