Investors managing $15 trillion in assets turned up the heat on oil and gas sect...
) - were aligned with existing national emissions targets. The remaining 29 companies on track to meet such commitments were all electric utilities.
Current pledges by governments to cut emissions are nowhere near enough to meet the Paris target of keeping the rise in average global temperatures to well below two degrees Celsius, with a goal of limiting warming to 1.5 degrees Celsius. The findings echoed a report published this month by financial think-tank Carbon Tracker, which found that big oil companies had approved $50 billion of projects since last year that will not be viable if governments implement the Paris deal.
“There is no doubt that oil and gas companies are in a difficult position in navigating the transition to a low carbon economy,” Euan Stirling, global head of stewardship and ESG investing at Aberdeen Standard Investments.
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