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BP, Shell presence at United Nations climate conference set to be limited
Sep. 20, 2021 11:14 PM ETBP, RDS.A…Iberdrola, S.A. (IBDRY)SSE plc (SSEZY)SSE plc (SSEZF)By: Carl Surran, SA News Editor
- BP and Royal Dutch Shell (RDS.A, RDS.B) are disappointed at being sidelined at the United Nations climate conference which starts October 31 in Glasgow, Wall Street Journal reports, as the oil industry has yet to agree on science-based plans for how it will reduce carbon emissions, a hurdle U.K. organizers set as a prerequisite for involvement in the event.
- Both companies reportedly had hoped to be more heavily involved in the event after committing to plans to pivot away from oil and gas and invest more in low-carbon energy, though they plan to send staff, and BP says CEO Bernard Looney will attend.
- Other energy firms, such as utilities SSE (OTCPK:SSEZY) and Scottish Power, which is owned by Ibderdrola (OTCPK:IBDRY), are among the event’s sponsors after their emissions reduction plans were approved by the organizers.
- Meanwhile, a new United Nations analysis of country pledges under the Paris climate agreement says global emissions would be 16% higher in 2030 than in 2010, far from the 45% reduction by 2030 that scientists say is needed to stave off serious climate change.
- The climate plans are contrasted by an energy shortage crisis in Europe that threatens to get worse by the time the Glasgow conference occurs.
