Shell, Aker BP and Enbridge have withdrawn from a leading climate accountability initiative after refusing to commit to halting the development of new oil and gas fields, the Financial Times reported on Tuesday.
The three companies, based in the UK, Norway and Canada respectively, have stepped away from the Science Based Targets initiative (SBTi), an international body that helps firms align their emissions reduction plans with the Paris Agreement.
Shell’s departure followed the publication of a draft requirement that companies must stop building new oil and gas infrastructure by 2027. The proposal also demanded significant reductions in existing fossil fuel production.
The condition was described by energy firms as unworkable and inflexible. Aker BP and Enbridge exited the programme around the same time.
The SBTi has now paused the development of the new standard, citing limited resources. It denied that the oil companies’ exit had influenced the decision.
Full article Shell and other oil majors exit global climate target group over fossil fuel limits - Helsinki Times
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