Warming of the climate is unequivocal, the human influence is clear and physical impacts are unavoidable.
We believe that:
- The world must pursue the Paris Agreement goals with increased levels of national and global ambition to limit the impacts of climate change.
- Providing access to affordable and clean energy and other products is essential to meet sustainable development goals.
- Under all current plausible scenarios,(1) fossil fuels will continue to be a significant part of the global energy mix for decades.
- Demand for renewable energy technologies is likely to grow at unprecedented rates as the power sector decarbonises, and electrification trends accelerate in coming decades.
- There needs to be an acceleration of global effort to drive energy efficiency; to develop and deploy low emissions and negative emissions technologies; and to adapt to the impacts of climate change.
- Policies to spur rapid action should be implemented in an equitable manner to address competitiveness concerns and achieve lowest cost abatement.
- Continue to take action to reduce our operational greenhouse gas (GHG) emissions in line with our public targets.
- Support emissions reductions in our value chain, and the economy-wide transitions necessary to meet the Paris Agreement goals, by working with customers and suppliers to achieve sectoral decarbonisation.
- Partner with others to accelerate the transition to a low carbon future and in the development of low emissions and negative emissions technologies, including natural climate solutions.
- Adapt to the potential physical impacts of climate change by building the resilience of our operated assets and investments and contributing to community and ecosystem resilience.
- Seek to enhance the global response to climate change by engaging with governments, maintaining a commitment to climate change advocacy and continuing to promote market mechanisms to reduce global emissions at least cost.
(1) This reference to scenarios is intended to have its meaning in common usage, and is not a reference to the scenarios considered in our portfolio analysis.