Wide variations in the way oil companies report their efforts to reduce carbon e...
LONDON - Wide variations in the way oil companies report their efforts to reduce carbon emissions make it difficult to assess the risk of holding their shares as the world shifts away from fossil fuels, senior fund managers say.
There is a growing realization that some companies’ profits will shrink faster than others as governments prioritize low-carbon energy to meet the U.N.-backed Paris agreement’s goal of cutting emissions to “net zero” by the end of the century. The Greenhouse Gas Protocol is one such set of standards, established by non-governmental organizations and industrial groups in the 1990s.
BP Finance Chief Brian Gilvary told Reuters BP would welcome more consistency within the sector to show what oil companies are doing about emissions and that an industry body, the Oil and Gas Climate Initiative , was discussing carbon accounting. “We don’t want to be accused of greenwashing or falling for it,” he said, adding that UBS regularly encouraged companies to prepare for the climate transition.
To try to answer that question, the world’s biggest financial service providers are investing in companies which provide ESG-related data.
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