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Big Oil Climate Plans Not Enough for Paris Goals, Funds Say

  • Energy companies have taken big steps in climate fight: report
  • Industry needs standardization and comparable emissions data
Access To BG Group Plc's Offshore Armada Gas And Condensate Platform Ahead Of Their Merger With Royal Dutch Shell Plc

Photographer: Simon Dawson/Bloomberg

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European oil majors have made great strides in setting out plans to reduce greenhouse gases, but they aren’t enough to meet the goals of the Paris climate agreement, according to a report by money managers overseeing more than $19 trillion.

Of the six oil companies in the study, Royal Dutch Shell Plc and Eni SpA have the most ambitious and comprehensive plans, yet even they fall short. Spain’s Repsol SA and BP Plc need to extend what is covered in theirs, while Austria’s OMV AG must set a new and bolder target, according to the report.