Leading energy companies, bp, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total today announced they have agreed to apply six Energy Transition Principles as they play their part in the energy transition, Trend reports citing Shell company.
The six Principles, agreed and embraced by the companies, are to:
PUBLIC SUPPORT FOR THE GOALS OF THE PARIS AGREEMENT: publicly support the goals of the Paris Agreement, including international cooperation as a vehicle to ensure these goals can be achieved at the lowest overall cost to the economy.
INDUSTRY DECARBONISATION: In line with each company’s individual strategy, ambitions and aims, work to reduce emissions from their own operations and strive to reduce emissions from use of energy, together with customers and society. Companies may measure their contributions using carbon intensity and/or absolute metrics at different points in the value chain as determined by their approach.
ENERGY SYSTEM COLLABORATION: collaborate with interested stakeholders, including energy users, investors and governments, to develop and promote approaches to reduce emissions from use of energy, in support of countries delivering their Nationally Determined Contributions (NDCs) towards achieving the goals of the Paris Agreement.
DEVELOPMENT OF CARBON SINKS: continue to support and promote development of emissions sinks such as carbon capture, utilisation and storage technology (CCUS) and natural sinks.
TRANSPARENCY: provide disclosure related to climate change risks and opportunities consistent with the aims of the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD).
INDUSTRY AND TRADE ASSOCIATIONS: report information about their memberships of main industry and trade associations and their alignment with the companies’ key climate advocacy and policy positions.