No oil and gas major has complied with the Paris Agreement carbon reduction targets, according to CNBC. The companies are now under intense pressure from investors and green activists to set targets as they hold crucial annual meetings in the next weeks.
Ratified by almost 200 countries in more than half a decade, the Paris agreement is viewed as important in combating the irreversible impacts of climate change.
U.S oil giant ConocoPhillips and Norway’s Equinor will hold shareholder meetings on Tuesday amid growing emission control pressure.
U.S Phillips 66 and U. K’s BP will hold meetings on Wednesday while U. S’s Chevron is scheduled for May 26.
Royal Dutch Shell is expected to table its net-zero emission transition plan on May 18 which has already attracted criticisms.
Dutch’s “Follow This”, a small activist investor group, has rejected Shell’s climate action approach and called investors to reject it since it is “gravely inadequate.”
Shell has urged its shareholders to vote for its climate action plan, requesting them to follow for a more detailed proposal on how the oil giant will move forward.
Shell aims for net-zero emissions by 2050 by cutting its net carbon by 6%-8% by 2023 from 2016 and up to 45% by 2035.
Major oil and gas stocks are currently declining. RDSA is down 2.33%, BP is down 1.31% on premarket, EQNR is down 0.83% on premarket, PSX is down 0.52% on premarket, CVX is down 0.41% on premarket.
