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Influential asset owner-backed body assesses climate ambitions of the energy sector but does not assess ‘feasibility’ of plans Influential asset owner-backed body assesses climate ambitions of the energy sector but does not assess ‘feasibilit… Influential asset owner-backed body assesses climate ambitions of the energy sector but does not assess ‘feasibility’ of plans
Nov 24th, 2021
The climate plans of three of the world’s largest listed oil & gas firms are among 14 now aligned with a 1.5°C scenario, according to analysis published today by asset-owner coalition the Transition Pathway Initiative (TPI).
In its annual assessment of the energy sector, TPI found that the decarbonisation strategies of Eni, TotalEnergies and Occidental are on track for 1.5°C by 2050.
The 1.5°C scenario was introduced in September, and sits alongside TPI models based on staying below 2°C, and aligning with current national climate pledges that would take the world to 2.4°C.
Despite progress at the three oil & gas firms, the climate initiative, which is backed by investors responsible for $39trn in assets, concluded that the sector remains 83% misaligned with all three scenarios – the same percentage as last year.
Beyond oil & gas 10% of the 140 energy sector firms assessed were found to be aligned with a 1.5°C-in-2050 pathway, includ…