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25 Nov 2016

Ceres press release

Investor groups update guidance for oil & gas companies to develop business strategies that address climate risks

"Investors update guidance to strengthen engagement on climate risk with oil and gas companies," 22 Nov 2016

In a move designed to ensure oil and gas majors…address the climate change challenge, global investors…published an updated…guide setting out the challenges facing the sector and investor expectations for how oil and gas companies must act to adapt their business strategies to a 2°C climate change pathway.

…The revised guide…is focused in particular on how companies…are developing the business strategy required to adapt through the transition to a sustainable low carbon energy system. The guide groups investor expectations in five areas of concern:

  • Governance– are board and management processes…defined to ensure adequate oversight of climate-related risk…?
  • Strategy - is the management of climate-related risks…integrated into business strategy…
  • Implementation– is scenario analysis…well enough embedded into key…investment decisions?
  • Transparency & disclosure – does the company disclose its operational emissions in the annual report and/or on the corporate website…?
  • Public policy – does the company engage with public policy makers…to support development of cost-effective policy measures to mitigate climate-related risks…?...

[Also refers to Chevron and ExxonMobil.]