July 7, 2023

Oil and Gas Companies Urged to Set Ambitious Targets for Greenhouse Gas Emissions Reduction at COP28

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At the COP28 climate conference, the CEO of TotalEnergies, Patrick Pouyanne, called on leading oil and gas companies to set ambitious targets for reducing CO2 and greenhouse gas emissions by 2030. Pouyanne emphasized that both international oil companies (IOCs) and national oil companies (NOCs) should have emission reduction targets in order to combat climate change.

Oil and gas companies have been facing renewed pressure from activists to strengthen their climate pledges. This comes after a brief lull in 2022 due to the global energy crisis. Climate activists are demanding faster cuts in greenhouse gas emissions and calling for action against oil companies.

Norway’s sovereign wealth fund, which holds $1.4 trillion in assets, has shown support for proposals by ExxonMobil and Chevron shareholders to introduce emissions targets. This marks a victory for climate activists who have been pushing for greater accountability and responsibility from oil and gas companies.

Recent protests at TotalEnergies’ and Shell’s annual general meetings indicate a resurgence of climate fervor among shareholders. Shareholders are demanding faster cuts in greenhouse gas emissions and calling for action against oil companies. These protests highlight the growing concern among investors about the long-term sustainability and environmental impact of oil and gas operations.

Patrick Pouyanne, the CEO of TotalEnergies, reiterated his call for oil and gas companies to set targets to cut greenhouse gas emissions by 2030 at COP28. He emphasized that both IOCs and NOCs should establish emission reduction targets. Pouyanne suggested that companies should focus on reducing emissions from methane leaks and their own operations (Scope 1 and 2 emissions) by the end of the decade.

The urgency to address climate change and reduce greenhouse gas emissions is becoming increasingly apparent. The actions and commitments made by oil and gas companies will play a crucial role in shaping the future of the energy industry and mitigating the effects of climate change.