Major fossil fuel companies have today released a Joint Collaborative Declaration under the Oil & Gas Climate Initiative (OGCI) recognising the need to limit global average temperature rise to 2⁰C. Launched in Paris this morning, they are calling for an “effective climate change agreement at COP21”.
In the declaration, ten oil and gas giants call for “widespread and effective pricing of carbon emissions”. Signatories include the CEOs of Total, Statoil, BP, Shell, BG Group, Saudi Aramco, Pemex, Sinopec, Eni, Reliance, and Repsol.
The companies also back natural gas as a cleaner alternative to coal and want to see more research and development into renewables and carbon capture and storage. However, the declaration has been criticised for lacking concrete targets.