Released October 21, 2015 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - Ten of the world's biggest oil and gas companies have promised climate change action and support in advance of the 2015 United Nations (UN) Climate Change Conference in Paris in November.
However, the companies which include BP plc (NYSE:BP) (London), Eni SpA (Rome, Italy), Royal Dutch Shell (NYSE:RDS.A) (The Hague, Netherlands) and Statoil ASA (NYSE:STO) (Stavangar, Norway), stopped short of supporting global carbon pricing.
Speaking at a Paris summit meeting the members of the Oil and Gas Climate Initiative (OGCI) declared their "collective support for an effective climate change agreement" to be reached at the UN's COP21 summit in Paris, starting on November 30. The event will see 196 nations attempt to hammer out a binding global climate change deal for the first time. The outcome will see higher climate and emissions targets decided for the coming decade for Europe, the U.S. and the rest of the world.
"Our shared ambition is for a 2°C future," the joint declaration stated. "It is a challenge for the whole of society. We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the greenhouse gas (GHG) intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts."
The latest declaration of support follows on from a joint letter in June which urged world leaders to take a "measured approach" to determining a pricing mechanism for carbon emissions at forthcoming climate change talks. For additional information, see June 4, 2015, article - Europe's 'Big Six' Push Gas Ahead of U.N. Climate Talks.
The OGCI supplies around 20% of the world's oil and gas and is responsible for about 10% of the world's energy. However, U.S. oil majors like Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) and Chevron Corporation (NYSE:CVX) (San Ramon, California) have refused to join the group in supporting climate change.
In May, Exxon Chairman and Chief Executive Officer Rex Tillerson said his company had no intention joining the group nor "faking it" when it came to climate change. "No thank you, that would not be us," he said. "We're not going to be disingenuous about it. We're not going to fake it. We're going to express a view that we have been very thoughtful about. We're going to express solutions and policy ideas that we think have merit."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
However, the companies which include BP plc (NYSE:BP) (London), Eni SpA (Rome, Italy), Royal Dutch Shell (NYSE:RDS.A) (The Hague, Netherlands) and Statoil ASA (NYSE:STO) (Stavangar, Norway), stopped short of supporting global carbon pricing.
Speaking at a Paris summit meeting the members of the Oil and Gas Climate Initiative (OGCI) declared their "collective support for an effective climate change agreement" to be reached at the UN's COP21 summit in Paris, starting on November 30. The event will see 196 nations attempt to hammer out a binding global climate change deal for the first time. The outcome will see higher climate and emissions targets decided for the coming decade for Europe, the U.S. and the rest of the world.
"Our shared ambition is for a 2°C future," the joint declaration stated. "It is a challenge for the whole of society. We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the greenhouse gas (GHG) intensity of the global energy mix. Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts."
The latest declaration of support follows on from a joint letter in June which urged world leaders to take a "measured approach" to determining a pricing mechanism for carbon emissions at forthcoming climate change talks. For additional information, see June 4, 2015, article - Europe's 'Big Six' Push Gas Ahead of U.N. Climate Talks.
The OGCI supplies around 20% of the world's oil and gas and is responsible for about 10% of the world's energy. However, U.S. oil majors like Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) and Chevron Corporation (NYSE:CVX) (San Ramon, California) have refused to join the group in supporting climate change.
In May, Exxon Chairman and Chief Executive Officer Rex Tillerson said his company had no intention joining the group nor "faking it" when it came to climate change. "No thank you, that would not be us," he said. "We're not going to be disingenuous about it. We're not going to fake it. We're going to express a view that we have been very thoughtful about. We're going to express solutions and policy ideas that we think have merit."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
