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Major fossil fuel firms set to miss 2°C climate target, research shows
(EurActiv, 7 Oct 2020) None of the world’s major coal, oil and gas companies are on track to limit climate warming to 2°C by 2050, according to new research released on Wednesday (7 October).
While some oil and gas firms like Shell and BP have set out plans to go carbon neutral, none of the world’s 59 biggest fossil fuel companies have a long-term plan that would align their emissions with a 2°C climate goal by 2050, according to the research by the Transition Pathway Initiative (TPI).
“Investors have witnessed a flurry of significant climate announcements by fossil fuel majors this year, so it is striking this independent research still shows those commitments do not yet align with limiting climate change to 2°C,” said Adam Matthews, co-chair of the Transition Pathway Initiative.
TPI is a global initiative led by asset owners and supported by asset managers, which assesses companies’ preparedness for the transition to a low carbon economy. The authors of the report, based at the London School of Economics, assessed companies on their carbon performance and found only seven could meet emissions targets in line with the ‘Paris Pledges’ made in 2015.
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EurActiv, 7 Oct 2020: Major fossil fuel firms set to miss 2°C climate target, research shows
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