None of the world’s 59 largest publicly listed coal, oil and gas companies are on track to reduce their emissions so that global warming will be limited to 2°C by 2050, according to a new report published on Wednesday 7 October by Transition Pathway, a joint initiative launched by the Church of England’s national investment bodies (the Church of England Pensions Board, the Church Commissioners and CBF Funds) and the Environment Agency Pension Fund.
“Investors have witnessed a flurry of significant climate announcements by fossil fuel majors this year, so it is striking this independent research still shows those commitments do not yet align with limiting climate change to 2°C ”, said Adam Matthews, co-chair of the Transition Pathway Initiative.
The report’s authors, who are based at the London School of Economics, point out that only seven of the companies assessed, which are all European, managed to meet emissions targets in accordance with their commitments under the Paris Agreement.
The report notes, however, that, according to the United Nations Environment Programme, the Paris commitments made in 2015 would lead to warming of 3.2°C.
According to this document, although Shell, Total and Eni are almost on track to reduce emissions in line with warming of 2°C, they still need to take additional action to align with that pathway.
The report can be found at: https://bit.ly/30OMqWF (Original version in French by Damien Genicot)