ARE EUROPEAN OIL AND GAS MAJORS ON TRACK FOR 1.5°C?

The methodology focuses on five key indicators to evaluate the climate credibility of European oil and gas majors: alignment of decarbonization targets with a 1.5°C carbon budget, reliance on offset mechanisms, asset expansion plans, trends in oil and gas production growth, and the forecasted energy mix for 2030. The analysis employs conservative hypotheses, assuming companies will meet their pledged targets and maintain current market shares in line with the IEA Net Zero scenario to establish a 'low-estimate' of cumulative emissions.

• Reclaim Finance uses a 'low-estimate' approach to calculate cumulative emissions, which is considered conservative because it assumes companies will both meet their decarbonization targets and align their production with the IEA 1.5°C reference scenario.
• The analysis indicates that for all six companies covered, more than 70% of their long-term carbon budget is consumed by 2030, suggesting an urgent need for immediate emission reductions.
• The methodology assesses reliance on offsets by calculating the ratio of pledged carbon capture or nature-based solutions to the ambitioned absolute emissions reduction, forecasting the need for these offsets through 2050.
• To evaluate expansion plans, the document categorizes assets into four stages: undiscovered, not yet committed/discovered, future development/expansion, and developed/producing, noting that assets under development are highly likely to be exploited to avoid financial loss.
• The analysis tracks oil and gas production growth across three timeframes: historical growth since the 2016 Paris Agreement, forecasted short-term growth to 2024, and potential mid-term growth to 2030.

APA

Reclaim Finance (n.d.). ARE EUROPEAN OIL AND GAS MAJORS ON TRACK FOR 1.5°C? https://reclaimfinance.org/site/wp-content/uploads/2022/03/Reclaim-Finance-Majors-project-Methodology-FINAL.pdf

Chicago

Reclaim Finance. ARE EUROPEAN OIL AND GAS MAJORS ON TRACK FOR 1.5°C? n.d. https://reclaimfinance.org/site/wp-content/uploads/2022/03/Reclaim-Finance-Majors-project-Methodology-FINAL.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=ARE EUROPEAN OIL AND GAS MAJORS ON TRACK FOR 1.5°C? |url=https://reclaimfinance.org/site/wp-content/uploads/2022/03/Reclaim-Finance-Majors-project-Methodology-FINAL.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinancendare, author = {{Reclaim Finance}}, title = {{ARE EUROPEAN OIL AND GAS MAJORS ON TRACK FOR 1.5°C?}}, institution = {Reclaim Finance}, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/03/Reclaim-Finance-Majors-project-Methodology-FINAL.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }