The development of a global oil and gas emissions standard has been put on hold after industry players including Shell, Aker BP and Enbridge withdrew from the Science-Based Targets initiative’s (SBTi) advisory group, reported Reuters, citing the Financial Times.
In March, the SBTi, a prominent assessor of corporate climate goals, proposed new guidelines to assist companies in setting high-quality emissions-reduction strategies.
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However, draft standards indicated that participating companies should cease the development of new oil and gas fields either upon submitting a climate plan or by the end of 2027, whichever came first.
The six-year-long initiative has halted work on the oil and gas standard due to “capacity considerations” and the extensive and resource-heavy work still required.
The SBTi refuted any connection to the departures from the oil and gas industry, with claims of such links being baseless, the report said.
An SBTi spokesperson was quoted as saying: “This is the sole reason behind our decision… we will return to Oil & Gas Standard development, with the precise timing to be determined as we finalise our forward work programme.”
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By GlobalDataShell has expressed its support for science-based methodologies and advocates for standards that accommodate “realistic societal and economic changes” while maintaining flexibility in achieving net-zero objectives.
A Shell spokesperson was quoted as saying: “In the absence of an industry-wide standard, Shell has used 1.5°C scenarios developed for the UN Intergovernmental Panel on Climate Change in setting its targets, which we believe demonstrates Paris alignment.”
Shell withdrew its expert from the initiative after a draft standard failed to substantially reflect the industry’s perspective.
Aker BP also exited the advisory panel, citing limited influence over the standard.
Enbridge expressed similar sentiments, stating that its feedback was not incorporated into the draft guidance, although it remain engaged in discussions over a practical framework.
In a different development, Shell has received environmental authorisation to drill up to five deep-water wells off South Africa’s west coast, with drilling activities planned at depths between 2,500m and 3,200m.
