The clock is ticking. The Intergovernmental Panel on Climate Change 2018 Special Report on limiting warming to 1.5°C showed that global CO2 emissions need to fall by about 45% from 2010 levels by 2030 and reach net zero by around 2050. A major shift from fossil fuels to renewable energy sources and low-carbon electricity is needed to achieve the Paris Agreement and the SDGs. New business models for companies in the oil and gas sector are emerging, including in low-carbon energy, energy demand reduction, and carbon capture and storage.
This WBA Oil and Gas methodology report presents an overview of why WBA is benchmarking companies in the oil and gas sector; the ACT Oil and Gas methodology used for the benchmark; our principles for selecting the 100 companies to be included in the 2021 Benchmark; and the list of companies to be assessed.
The Oil and Gas Benchmark can act as a roadmap for companies to show how they can contribute to achieving the SDGs and the Paris Agreement goals.
Please click here for an FAQ document which explains some technical aspects of how the Assessing low Carbon Transition (ACT) methodologies are used to assess keystone companies in high emitting sectors and create the WBA’s Climate and Energy Benchmark.