Insight
Oil and gas companies – will COP26 accelerate the pivot to low carbon?
Report summary
Investor pressure has boosted corporate action in the run-up to COP26. Many companies have set Scope 1 and 2 net zero targets by 2050 and more have set interim reduction targets notionally aligned with the Paris Agreement. More visibility on demand erosion from COP26 could up the ante on Scope 3 and accelerate the pivot to low-carbon. With US$0.5 trillion value at risk from Scope 1 and 2 emissions alone at a US$150/tonne carbon price, the stakes for oil and gas companies are high. But good COP or bad COP, more action, more quickly will continue to be the call on oil and gas companies regardless of the outcome of COP26 – the decarbonisation snowball will roll on regardless. Read this report to find out: • How could COP26 have the greatest impact on oil and gas company strategies • What Article 6 means for carbon as a new business stream for oil and gas companies • How oil and gas companies can build credibility when so much is at stake
Table of contents
- Country-level targets will guide corporate targets and modulate demand
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Investors catalysing action
- Assets under management by investor initiative*
- Strategies for transition are crystalising
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Carbon markets hold the key to unlocking CCS
- The current cost of carbon is insufficient to incentivise low-carbon technologies
- Concerns over quality and integrity constrain growth in carbon offsets
- Corporate climate disclosure needs to be standardised, transparent and mandatory
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What gets measured, gets managed
- Upstream and downstream value at risk (Scope 1&2) under different carbon price scenarios
- Great Expectations
Tables and charts
This report includes 5 images and tables including:
- Upstream emissions by climate targets: average 2021-2030*
What's included
This report contains:
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