No major fossil fuel company has a credible Paris-aligned emissions target, according to research released today by investor group the Transition Pathway Initiative (TPI).
The asset-owner led initiative, which is backed by 80 investors with $22trn in combined assets, assessed the ‘carbon performance’ of 59 of the largest listed oil & gas and coal energy companies. Although seven European companies (12%), including Glencore, Anglo American, Shell, Repsol, Total, Eni and Equinor, are on track to align with the emissions pledges made by individual countries as part of the Paris Agreement, it is not enough to keep them in line with the overall objective of keeping the global temperature rise to below 2 degrees Celsius above pre-industrial levels.
Shell, Total and Eni’s targets are approaching a 2°C pathway, but they still need further measures to be assessed to align with the benchmark, the study said.
“Investors have witnessed a flurry of …