%20in%20Glasgow%20in%20November%20than%20they%20had%20planned%20because%20the%20oil%20sector%20has%20yet%20to%20agree%20on%20science-based%20targets%20to%20decrease%20emissions.The%20COP26%20conference%20is%20being%20hosted%20by%20the%20UK%20in%20Glasgow,%20Scotland,%20and%20will%20run%20from%20October%2031supst/sup%20to%20November%2012supth/sup,%20but%20it%20will%20not%20have%20any%20oil%20firm%20even%20though%20BP%20and%20Shell%20are%20listed%20in%20London%20and%20have%20major%20operations%20in%20the%20UK%20and%20the%20North%20Sea%20as%20a%20“principal%20partner.”img%20class=%20wp-image-4578%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/09/9fc2bd25-b5cd-43bc-8f24-37f84ca03b53-300x169.jpg%20alt=%20width=367%20height=207%20/Both%20oil%20corporations%20have%20declared%20goals%20to%20become%20net-zero-emission%20enterprises%20by%202050%20or%20sooner,%20and%20both%20have%20stated%20that%20their%20oil%20production%20will%20continue%20to%20decline.%20Shell%20announced%20earlier%20this%20year%20that%20its%20oil%20output%20peaked%20in%202019,%20while%20BP%20aims%20to%20reduce%20its%20oil%20and%20gas%20production%20by%2040%%20by%202030%20by%20employing%20active%20portfolio%20management%20and%20avoiding%20new%20country%20development.Despite%20these%20commitments,%20the%20organisers%20of%20the%20UK's%20COP%20climate%20event%20have%20made%20it%20a%20requirement%20for%20participating%20companies'%20plans%20to%20be%20deemed%20credible%20by%20the%20Science%20Based%20Targets%20Initiative.The%20Chief%20Executive%20Officer%20of%20the%20International%20Emissions%20Trading%20Association%20which%20BP%20and%20Shell%20are%20member,%20Dirk%20Forrister,%20said:%20“I%20think%20the%20U.K.%20government%20is%20definitely%20trying%20to%20send%20a%20message%20that%20the%20fossil%20fuel%20industry%20is%20under%20the%20gun%20to%20lead%20the%20energy%20transition%20and%20set%20targets%20for%20how%20they%20will%20do%20that.”Major%20retailers,%20consumer%20groups,%20and%20technology%20companies,%20including%20Microsoft,%20Unilever,%20and%20Reckitt%20Benckiser,%20as%20well%20as%20utilities%20with%20significant%20renewables%20operations,%20such%20as%20SSE%20and%20ScottishPower,%20are%20among%20the%20COP%20event's%20principal%20partners.img%20class=size-medium%20wp-image-4579%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/09/a5d48faa-8b7a-43bc-b8da-994254c3f295-300x168.jpg%20alt=%20width=300%20height=168%20/){kind=link}
According to The Wall Street Journal, oil firms BP and Shell will have a smaller profile at the UN Climate Change Conference of the Parties (COP) in Glasgow in November than they had planned because the oil sector has yet to agree on science-based targets to decrease emissions.
The COP26 conference is being hosted by the UK in Glasgow, Scotland, and will run from October 31st to November 12th, but it will not have any oil firm even though BP and Shell are listed in London and have major operations in the UK and the North Sea as a “principal partner.”
Both oil corporations have declared goals to become net-zero-emission enterprises by 2050 or sooner, and both have stated that their oil production will continue to decline. Shell announced earlier this year that its oil output peaked in 2019, while BP aims to reduce its oil and gas production by 40% by 2030 by employing active portfolio management and avoiding new country development.
Despite these commitments, the organisers of the UK’s COP climate event have made it a requirement for participating companies’ plans to be deemed credible by the Science Based Targets Initiative.
The Chief Executive Officer of the International Emissions Trading Association which BP and Shell are member, Dirk Forrister, said: “I think the U.K. government is definitely trying to send a message that the fossil fuel industry is under the gun to lead the energy transition and set targets for how they will do that.”
Major retailers, consumer groups, and technology companies, including Microsoft, Unilever, and Reckitt Benckiser, as well as utilities with significant renewables operations, such as SSE and ScottishPower, are among the COP event’s principal partners.
