At the March 11th Notts County Council Pension Fund Committee meeting, Independent advisor to the committee William Bourne made a number of statements regarding the climate targets of oil and gas companies, as well as on divestment and engagement.
Today DivestNotts sent a letter to committee explaining how the fossil fuel companies are failing to even set targets that will reduce emissions at the rate needed to have a good chance of limiting warming to 1.5 degrees
- Shell’s expected reduction in oil and gas production is less than half that needed as defined by the UN Environment Programme
- BP has stated that its absolute emissions from its marketed products are set to rise to 2030!
and of the three largest US companies:
- Chevron does not have a net zero target, and plans to expand oil and gas production to 2025.
- ExxonMobil does not have a net zero target, and does not have Scope 3 emissions targets.
- ConocoPhillips has a ‘net zero’ target, but this relates only to operational emissions and does not include marketed products
The scientific consensus is that warming above 1.5°C will lead to runaway, irreversible climate change with catastrophic impacts (IPCC, 2018)
This is why we call for the County Council to DIVEST NOW