Ceres principles risk eradicating progress on net-zero norms

The statement criticizes a Ceres paper titled "Key Elements for a Net Zero Transition at Oil and Gas Exploration and Production Companies," claiming it fails to require absolute emission reductions or alignment with 1.5°C pathways. The authors argue that because Ceres advises the Glasgow Financial Alliance on Net Zero (GFANZ), this weak framework could erode established norms for net-zero finance by favoring the interests of the oil and gas industry, specifically citing the involvement of companies like ConocoPhillips and Pioneer Natural Resources in the paper's development.

• The Ceres paper is criticized for failing to mandate that oil and gas exploration and production (E&P) companies reduce overall emissions or align their operations with credible 1.5°C pathways.
• The authors identify several specific weaknesses in the Ceres recommendations, including the absence of requirements for Scope 3 targets, absolute targets, comprehensive transition plans based on 1.5°C scenarios, and specific interim targets for years and percentage reductions.
• The document asserts that the Ceres paper ignores the International Energy Agency's (IEA) conclusion that a 1.5°C-aligned world allows no room for new oil and gas production.
• The authors claim the paper's recommendations are biased toward 'business as usual' due to the involvement of companies such as ConocoPhillips—the developer of the Willow project in the Alaskan Arctic—and Pioneer Natural Resources in the development process.
• Because Ceres holds leadership and advisory roles within the Glasgow Financial Alliance on Net Zero (GFANZ), including the Net Zero Asset Manager initiative (NZAM) and the Paris Aligned Investment Initiative (PAII), the authors warn that this paper could act as a conduit for industry interests to weaken GFANZ-related processes.

APA

Martin, L. (2023). Ceres principles risk eradicating progress on net-zero norms. Reclaim Finance. https://reclaimfinance.org/site/en/2023/06/13/ceres-principles-risk-eradicating-progress-on-net-zero-norms/

Chicago

Martin, Léo. Ceres principles risk eradicating progress on net-zero norms. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/06/13/ceres-principles-risk-eradicating-progress-on-net-zero-norms/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Ceres principles risk eradicating progress on net-zero norms |publisher=Reclaim Finance |date=13 June 2023 |url=https://reclaimfinance.org/site/en/2023/06/13/ceres-principles-risk-eradicating-progress-on-net-zero-norms/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2023ceres, author = {Martin, Léo}, title = {{Ceres principles risk eradicating progress on net-zero norms}}, publisher = {Reclaim Finance}, year = {2023}, month = jun, url = {https://reclaimfinance.org/site/en/2023/06/13/ceres-principles-risk-eradicating-progress-on-net-zero-norms/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }