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Major Oil Companies Exit Leading Net Zero Climate Group

Top oil and gas companies Shell, Aker BP, and Enbridge have pulled out of the Science Based Targets initiative’s expert advisory group.

The decision came after the initiative proposed that companies must halt new oil and gas field developments to meet net zero standards. Shell and Aker BP expressed concerns about the feasibility and industry input in the standards.

This departure highlights challenges facing net zero climate initiatives, especially amid political opposition and funding changes. SBTi is also postponing its deadline for financial firms to end financing of new fossil fuel projects, pushing the cutoff to 2030.

Original Source: Bloomberg

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