French think tank Reclaim Finance’s latest assessment of nine European and US oil and gas majors has highlighted that none of them are on track to stay within the International Energy Agency’s 1.5°C net zero pathway. The IEA pathway has said investments in clean energy should be nine times higher than investments in fossil fuels, yet none of the assessed companies meet that bar, Reclaim Finance said. All nine companies instead plan to continue expanding oil and gas production, the think tank added, noting that for every dollar invested in fossil fuels by Shell last year, less than 16 cents was invested in renewable energies. The assessment further warned that TotalEnergies is set to “massively overshoot” the IEA’s pathway by 80% by 2030. Climate activist group Follow This recently collaborated with a consortium of 17 European and US investors managing a collective €1.1 trillion (US$1.2 trillion) in assets to file a shareholder proposal ahead of Total’s AGM this year, pushing for more ambitious decarbonisation targets. Total’s AGM will be taking place on 26 May.
Oil and Gas Majors Set to Miss 1.5°C
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