Gustavo Bernal Torres
We Need To Talk About Net Zero Bullsh*t
From Responsible Investor, Pablo Berrutti questions the credibility of disclosures, CCS and scenario analysis in the race to Net Zero.
If our two-decade journey on climate change disclosure tells us anything, it is that understanding how much of the current excitement around Net Zero commitments is bullsh*t really matters. So, is Net Zero bullsh*t?
The good news is that the acceleration in some areas has been truly remarkable. It was only a few years ago that shareholder resolutions at company annual general meetings requesting rudimentary climate disclosure would receive scant support.
Exxon rejected all 62 shareholder resolutions on climate change from 1990 to 2015, and this continued despite almost 40% of shareholders supporting a 2016 climate change resolution, reaching 62% in 2017. It took another four years for a director to be removed at Exxon — 31 years after the first resolution — and these are the investors who will halve their emissions by 2030?