China's oil companies improve ESG reports, fall behind peers in reality
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Update time : 2023-11-30 14:11:09
China's petroleum giants Sinopec, PetroChina, and CNOOC have set their peak carbon emissions goals for the period between 2025 to 2030, and aim to achieve carbon neutrality by 2050, which complies with the government's commitment to achieve peak emissions by 2030 and carbon neutrality by 2060.
Senior research scholar at Global Energy Policy at Columbia University (CGEP), Erica Downs, said China's oil companies have improved their ESG report under investor pressure and international regulations. They were using ESG reports to show global investors that they at least acknowledge the importance of issues, but they fall behind other foreign peers in reality.
CNOOC sets a 10-18% reduction plan in emissions intensity by 2025 from the 2021 level. In comparison with US ExxonMobil, they target a 40-50% reduction in emissions intensity by 2030, compared with 2016.
Besides, Shell and TotalEnergies have announced more ambitious goals. TotalEnergies aims to reduce 40% in net emissions by 2030 from the 2015 level. Shell also aims for a 50% emissions reduction by 2030 versus 2016.
The CGEP report showed that China's national petroleum giants have not published any specific details on their planned measures yet.
