Eight oil and gas producers agreed to apply six energy transition principles across their operations, including a commitment to decarbonize the industry. The eight companies are Shell, BP, Total, Eni, Repsol, Galp, Equinor, and Occidental Petroleum. These firms devised the six principles in collaboration with investor lobby group Climate Action 100+.
The principles include public support to meet the Paris climate targets, industry decarbonization, collaboration to develop low-carbon energy systems, development of carbon capture, utilization and storage (CCUS) technology, improvement in disclosing climate change risks, and reporting trade association memberships and how they align with their climate policies.
The participating companies are free to develop their own strategies to decarbonize. Shell, BP, Total, Equinor, Repsol, and Occidental have all set targets to achieve net-zero emissions by 2050. Eni plans to reduce net emissions by 80% by that year. Galp intends to be carbon neutral in Europe by 2050 and spend 40% of its future budget on energy transition opportunities. In addition, most of them have already invested in CCUS technology.
