Oil giants turn back on global group pushing ‘Net-Zero’ on energy industry

Several major energy companies reportedly exited an advisory group that promoted draconian corporate climate targets after learning the alignment could threaten their ability to develop new oil and gas fields, according to Financial Times.

Shell, Aker BP, and Enbridge all exited the climate advisory group known as the Science Based Targets initiative (SBTi) after a draft policy said the companies must stop developing new oil and gas fields after submitting a climate plan to SBTi or the end of 2027, whichever comes first, according to Financial Times. The SBTi partners with the United Nations and advises companies on how to reduce their greenhouse gas emissions to achieve net-zero emissions by 2050.

“We’ve been engaged in various ways with the Science Based Targets Initiative (SBTi) since 2019. Ultimately, we stepped away from SBTi’s expert working group as the feedback provided was not reflected in the draft guidance SBTi had circulated,” a spokesperson for Enbridge told the Daily Caller News Foundation. “We believe that a practical and durable path to net zero must include global energy security considerations and embrace flexibility for companies to pursue viable emission reduction strategies.”

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For the first time, banks, asset owners and managers, private equity firms, and other financial institutions will be able set science-based targets aligned with net-zero.

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Enbridge, Shell, and Aker BP confirmed to the DCNF that they left SBTi, though the companies argue that they are still committed to climate-related targets.

SBTi staff members reportedly told advisory representatives after the exodus that it would “deprioritize” work on oil and gas climate goals after previously stating they were a “top priority,” according to Financial Times.

“The more we delay, the more cover we are providing to big oil,” one employee working on standards for oil and gas said, according to the publication.

A spokesperson for Enbridge told the DCNF that the company is still pursuing its 2050 net-zero emissions goal and referenced its 2024 sustainability report that details the company’s targets to lower greenhouse gas emissions.

“We recognize the importance of having a science-based methodology to set targets for the oil and gas sector. We believe any proposed standard should reflect realistic societal and economic changes while providing companies with sufficient flexibility to transform into a net-zero business by 2050,” a spokesperson for Shell told the DCNF, noting that the company continues to reference UN climate targets. The spokesperson also confirmed that Shell withdrew from SBTi in October 2024.

Norway-based Aker BP left SBTi due to feeling as though it could not sufficiently influence the oil and gas standards, according to a company spokesperson.

“We found our ability to influence the outcomes to be limited,” Aker BP spokesperson Ole-Johan Faret wrote to the DCNF. “That said, this decision in no way reflects a lack of commitment to climate action.” Faret pointed to several presentations on Aker BP’s continued commitment to a 2050 net-zero goal, which also notes that “oil & gas will remain important beyond 2050.”

SBTi did not respond to the DCNF’s request for comment.

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