Oil giants’ net-zero plans ‘not credible’
None of Europe’s leading oil and gas majors has a credible plan for achieving net-zero emissions by 2050, according to a new analysis released this month.
This finding comes despite the likes of Total, Shell and BP strengthening their climate ambitions and committing to significantly reduce the carbon intensity of the energy they supply in recent months.
BP and OMV have raised their targets but failed to align their goals with pledges made under the Paris Agreement.
Meanwhile, Total, Shell, BP, Repsol and Eni have announced emissions reduction targets in line with the Paris Agreement, which is designed to limit global warming by 2050 to well below 2ºC above pre-industrial levels.
However, not a single one of these companies has released a strategy that can deliver net-zero emissions, or that is aligned with the more ambitious trajectory of the Paris Agreement — limiting global warming to 1.5oC.
This is the conclusion of a study carried out by the Transition Pathway Initiative (TPI), an asset owner-led group formed to assess companies’ preparedness for the transition to a low-carbon economy.
According to TPI, none of these companies’ strategies give significant details on their emissions-reductions goals covering business operations, value chains or the use of fossil-fuel products.
The group makes a number of recommendations to these companies, including better disclosure of how they intend to shift to low-carbon energy, such as wind energy; broadening the scope of their commitment; and setting both intensity and absolute targets.
Indian wind capacity figures and facts
37.5GW India’s installed wind-power fleet at the end of 2019
60GW The country’s target for wind-power capacity by 2022
50.6GW Base expectation for India’s wind fleet by that year
54.2GW Most optimistic projection for Indian wind power by 2022
48.3GW Most pessimistic projection for Indian wind power by 2022
Source: GWEC and MEC+, India Wind Outlook Towards 2022
Staying oceans apart while at sea
UK-based Manor Renewable Energy is working on a vessel complying with social-distancing rules. Due to be delivered in July, Manor Endurance’s design has been altered to transport 12 people — rather than the original 24 — split into two teams using separate entrances, mess rooms and bathroom facilities to enable passengers to remain two metres apart.
Quote of the month
"Sooner or later, we will find a vaccine for the coronavirus. There is no vaccine for climate change. Therefore, Europe needs a recovery plan designed for the future"
Ursula von der Leyen, European Commission president
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