10 oil companies announce support for global treaty on climate change; environmental advocates skeptical of announcement's impact

Author: Matt McGrath, BBC, Published on: 19 October 2015

"Paris climate summit: Major oil producers back 'effective' deal", 16 Oct 2015

The leaders of 10 of the world's biggest oil companies have offered their qualified support for a new global treaty on climate change.  The producers of 20% of the world's oil and gas say they share the ambition to limit warming to 2C.  They promise to work to reduce the greenhouse gas intensity of the global energy mix...The Oil and Gas Climate Initiative represents major producers including BP, Shell, Saudi Aramco and Total among others..."Our shared ambition is for a 2C future," the 10 chief executive officers said in a statement which acknowledges that the existing trend of the world's net greenhouse gas emissions is not consistent with this aim. "It is a challenge for the whole of society. We are committed to playing our part. Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the greenhouse gas intensity of the global energy mix."...However the group of 10 does not include major US oil companies such as Exxon and Chevron...Environmental campaigners were quick to pour scorn on the oil and gas producers' initiative, saying it would do little to aid the decarbonisation of the global economy...

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Related companies: BG Group (part of Shell) BP Eni Pemex Reliance Industries Repsol Saudi Aramco Shell Statoil Total