Global top oil producers such as Shell, BP, and Total are yet to be aligned with UN-backed climate goals despite ambitious plans to shift toward greener energy and cut fossil-fuel production, according to a study by the Transition Pathway Initiative (TPI). The study, backed by investors managing assets worth $22 trillion, covers 59 major oil, gas, and coal companies. It found that pledges by European firms; Anglo American, Eni, Equinor, Glencore, Repsol, Shell, and Total, are insufficient to meet the Paris Agreement’s long-term goal to curb global temperature rise at below 2 degrees Celsius.
According to the report, no companies have aligned with the objective yet. Even BP is the least aligned among European rivals despite plans to grow renewables business by twenty-fold by 2030. Spokespersons from Repsol, Shell, and Anglo American said that the companies would continue to engage with TPI in addressing climate issues.
