Oil giants Shell and BP are planning for global temperatures to rise as much as 5°C by the middle of the century. The level is more than double the upper limit committed to by most countries in the world under the Paris Climate Agreement, which both companies publicly support. The discrepancy demonstrates that the companies are keeping shareholders in the dark about the risks posed to their businesses by climate change, according to two new reports published by investment campaign group Share Action. Many climate scientists say that a temperature rise of 5°C would be catastrophic for the planet. ShareAction claims that the companies’ actions put the value of millions of people’s pensions at risk. Two years after BP and Shell shareholders voted resoundingly in favour of forcing the companies to make detailed disclosures about climate risks, the companies have made unconvincing steps forward, according to the reports. ShareAction said that Shell and BP are meeting their legal requirements, but are putting shareholders’ capital at risk because of numerous failings in their plans for the future. Neither company sets targets to reduce emissions and BP’s total investment in renewable and clean technologies has actually shrunk since 2005, the reports said. That’s despite the company’s public-facing image of being “beyond petroleum”.
Independent 27th Oct 2017 read more »