The McKenna taskforce’s recommendations covered all businesses, cities and regions. A spokesperson said this was a temporary move, while it works on criteria that the industry and scientists can accept. In March 2022, the Science-Based Targets Initiative stopped accepting climate commitments of fossil fuel companies for validation.
#Fuel drilling plans undermine pledges un update
An update to its net zero by 2050 scenario last month noted that reduced Russian oil and gas output might make space for some limited investment in infrastructure with a quick payback, but did not radically change the picture. In May 2021, the International Energy Agency found that no new fossil fuel projects were compatible with limiting global warming to 1.5C. Which are the companies that are ready to transition?”Īs Cop27 kicks off, where are the coal to clean deals at? She told Climate Home that these guidelines “will be a good test. She said that no fossil fuel company has agreed to stop investing in new fossil fuels, so none met the net zero criteria. Krista Halttunen researches oil company strategies at Imperial College London. Under legal advice this could expose members to competition lawsuits, it removed even this stipulation from the website. In June 2022, the Race to Zero said that this “includes no new coal projects” without mentioning oil and gas. This is a stronger line than the UN’s Race to Zero, which only says “corporations and investors must restrict the development, financing, and facilitation of new fossil fuel assets”. That includes cities, regions and finance firms. Stop funding fossilsĪs well as fossil fuel companies, the taskforce said that anyone who invests in new fossil fuel production is not net-zero aligned. They added: “If you’re going to say that, you better make sure it’s true. Oil majors like Saudi Aramco, ExxonMobil, BP, Shell and Eni claim to be aligned with net zero but continue to drill for more hydrocarbons.Ī senior UN official said that “sometimes” fossil fuel firms’ net zero pledges were “part of marketing efforts or communication efforts”. The sham must end.”Īs Glasgow forest pledge turns to action, most signatories drop out This toxic cover-up could push our world over the climate cliff. Using bogus ‘net-zero’ pledges to cover up massive fossil fuel expansion is reprehensible. They must thoroughly review their pledges and align them with this new guidance,” said Guterres. “So-called ‘net-zero pledges’ that exclude core products and activities are poisoning our planet. UN secretary general António Guterres said he had “a message to fossil fuel companies and their financial enablers”. “You cannot be a net zero leader while continuing to build or invest in fossil fuel supply.” “Too many of these net zero pledges represent little more than empty slogans and hype,” said McKenna at a packed launch event at Cop27 in Sharm el-Sheikh, Egypt. Thousands of big businesses and cities have declared commitments to reaching net zero emissions by 2050, in line with the Paris Agreement climate targets. Companies must stop funding coal, oil and gas if their claims to be “net zero aligned” are anything more than greenwash, a UN-appointed taskforce has said.Īfter months of consultations, the 16-member anti-greenwashing group chaired by Canadian former environment minister Catherine McKenna found that “net zero is entirely incompatible with continued investment in fossil fuels”.
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