Despite Setback, Oil And Gas Companies Cannot Delay Net Zero Plans

As organizations face mounting pressure to put forward credible net zero plans with achievable targets, oil and gas companies are facing a setback when it comes to having their emissions targets validated.

Since 2015, the Science-Based Targets initiative (SBTi) has helped companies set credible greenhouse gas emission targets based on the latest climate science and goals such as the Paris Agreement. The SBTi validates companies' emissions targets. As of March 2022, more than 2,600 global companies were working with the SBTi, and the SBTi had approved the emission reduction targets of more than 1,200 companies.

But oil and gas companies seeking to have their targets validated may be disappointed to hear that the SBTi has once again delayed its oil and gas sector target-setting methodology. The SBTi also updated its fossil fuel policy, stating that it will "no longer accept commitments or validate targets from fossil fuel companies" while it takes "a cautious and