ANALYSIS OF CERES’ PAPER ON A NET ZERO TRANSITION AT OIL AND GAS EXPLORATION & PRODUCTION COMPANIES

Reclaim Finance analyzes the Ceres document "Key Elements for a Net Zero Transition at Oil and Gas Exploration and Production Companies," concluding that it favors "business as usual" for the fossil fuel industry. The analysis identifies seven key weaknesses, including the failure to require Scope 3 targets, the reliance on intensity-based rather than absolute emission targets, and a lack of restrictions on carbon offsets. Reclaim Finance asserts that the Ceres framework is influenced by industry players like ConocoPhillips and fails to meet the standards set by GFANZ, the IPCC, and the IEA, which necessitate absolute production cuts to maintain a 1.5°C pathway.

• The Ceres paper fails to mandate net-zero transition plans aligned with 1.5°C scenarios, instead suggesting strategies be informed by a "range of climate scenarios," which could include pathways leading to over 4°C of warming.
• Ceres does not require E&P companies to set Scope 3 targets or reduce oil and gas production, despite these emissions representing the vast majority of the sector's climate footprint.
• The framework allows for targets based on emissions intensity rather than absolute reductions, which can allow companies to increase total emissions while appearing to improve efficiency.
• Methane targets in the Ceres document are deemed unambitious and poorly defined, specifically regarding the 0.25% intensity target by 2030 and the timeline for eliminating routine flaring.
• The Ceres paper lacks restrictions on the use of carbon offsets, failing to align with UN HLEG and Race to Zero positions that offsets should not be used to meet interim emission reduction goals.
• Reclaim Finance describes Ceres' approach to E&P government lobbying as "naïve," noting that industry support for carbon taxes is often used as a PR tool to avoid more effective production-reducing policies.
• The analysis suggests the Ceres document was strongly influenced by industry entities, specifically citing language similarities with ConocoPhillips's 2022 proxy statement.

APA

Reclaim Finance (2023). ANALYSIS OF CERES’ PAPER ON A NET ZERO TRANSITION AT OIL AND GAS EXPLORATION & PRODUCTION COMPANIES. https://reclaimfinance.org/site/wp-content/uploads/2023/06/13062023-Analysis-of-CERES-EP-paper.pdf

Chicago

Reclaim Finance. ANALYSIS OF CERES’ PAPER ON A NET ZERO TRANSITION AT OIL AND GAS EXPLORATION & PRODUCTION COMPANIES. 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/06/13062023-Analysis-of-CERES-EP-paper.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=ANALYSIS OF CERES’ PAPER ON A NET ZERO TRANSITION AT OIL AND GAS EXPLORATION & PRODUCTION COMPANIES |date=13 June 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/06/13062023-Analysis-of-CERES-EP-paper.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2023analysis, author = {{Reclaim Finance}}, title = {{ANALYSIS OF CERES’ PAPER ON A NET ZERO TRANSITION AT OIL AND GAS EXPLORATION \& PRODUCTION COMPANIES}}, institution = {Reclaim Finance}, year = {2023}, month = jun, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/06/13062023-Analysis-of-CERES-EP-paper.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }