Environmental
Section:
Climate change an energy transition
We fully support the Paris agreement's goal to keep the rise
in global
We fully support the Paris Agreement’s goal to keep the rise
in global average temperature this century to well below two
degrees Celsius (2°C) above pre-industrial levels and to
pursue efforts to limit the temperature increase even further
to 1.5°C.
We are taking action to tackle our own emissions and to help
customers to reduce theirs. As the energy system evolves, so
will our business to provide the mix of products that our
customers need.
We believe more renewable energy such as solar and wind is
critical for a cleaner energy future, and that how people live,
work and play is increasingly going to need to be powered by
low-carbon electricity. But we expect that consumers will
continue to use oil and gas for some time to come and not all
economic activities can be easily, swiftly or cost effectively
electrified. We see continuing, changing roles for oil and gas
alongside renewable energy, hydrogen and new technologies.
We are growing our New Energies business with investments
in low carbon technologies, including biofuels, electric vehicle
charging and wind power. We are also developing
complementary approaches like carbon capture and storage
and nature-based solutions to manage the difficult-to-avoid
emissions that will remain in the system for years to come due
to continued consumer use of oil and gas.
Addressing a challenge as big as climate change requires a
collaborative, society-wide approach. We believe that smart
policies from governments, such as applying a cost to
emissions through measures such as carbon-pricing
mechanisms, supported by effective steps to reduce
emissions from businesses including ours and from wider
society, are the best ways to reach solutions and drive
progress.
Decarbonising Energy Use by Sector
We also helped to develop a range of sector-specific
programmes under the Mission Possible Platform, a
collaborative initiative by the World Economic Forum in
partnership with the Energy Transitions Commission. The
platform focuses on developing partnerships for enabling the
heavy industry and heavy-duty transport sectors to achieve
net-zero carbon emissions.
For example, we joined the Global Maritime Forum’s Getting
to Zero shipping coalition announced at the UN Climate
Summit in New York in 2020. The coalition brings together
more than 90 companies from a range of backgrounds,
including maritime, energy and finance, to engineer clean
fuels and vessels while pushing to ensure these are supported
by adequate infrastructure, such as ports. The coalition aims
to find a way to put a commercially viable net-zero emissions
ship to sea by 2030.