Fossil fuel companies were today urged to put limiting climate change at the heart of their business model by more than 75 civil society organisations.
ClientEarth’s CEO James Thornton was among the signatories of a full page letter in the Financial Times which notes the companies (BP, Chevron, Eni, Exxon, Shell, Statoil and Total) have a choice: to become part of the low carbon economy of the future or be on the wrong side of history.
The letter recognises that some of the companies called for “ambitious policy frameworks” before the Paris Agreement and now that framework has been set out, it was their turn to commit to concrete action on climate change.
ClientEarth is currently looking at whether companies are fulfilling their legal duties in the way they report climate risks and opportunities to investors.
James Thornton said: “Fossil fuel companies owe it to their investors and to the planet to make climate change mitigation a central part of their business model. It makes sound business sense and is essential if we are to grasp the opportunity to prevent catastrophic climate change.
“The companies of the future are those that are acting on the risks and opportunities posed by climate change now. Today, we’re saying clearly – you can be part of the solution, or you can be part of history.”
Fossil fuel companies: be part of the net zero future
The letter calls on the oil giants to be part of the efforts to achieve net zero emissions by 2050.
It states: “The science is unanimous. The policy is clear. The transition to a low carbon economy is underway and must be accelerated using the knowledge and wealth afforded to us by fossil fuels.
“We have very little time but with united efforts across society, an increase in investment and with your company playing its part, the world can reach the Paris goal of a zero carbon economy.”
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