Carbon Tracker’s latest report published today found that oil giants will need to cut production by at least a third to meet global climate ambitions and the 1.5°C Paris climate target.
Ashley Hamilton Claxton, Head of Responsible Investment at Royal London Asset Management commented:
“The world needs to stop burning fossil fuels in order to mitigate climate change – that is clear. But this report is just too simplistic.
“While oil and gas majors have their role to play, they can't simply plug off production if there is still demand for their products. In the absence of a technological breakthrough, we need stronger policy signals and infrastructure that allows a shift away from fossil fuel dependence.”
“What we need now is robust government policy backed up by effective economic interventions. This should be the focus of COP26.”
The views expressed are the author’s own and do not constitute investment advice.