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IIGCC Publishes Net Zero Standard for Oil and Gas Sector
May 16, 2023On April 18, 2023, the Institutional Investors Group on Climate Change (IIGCC) published a “Net Zero Standard for Oil & Gas.” Development of the Standard follows a two-year collaborative process led by IIGCC with support from the Transition Pathway Initiative (TPI), Climate Action 100+ investors and other stakeholders. Net Zero Standards are sector-specific frameworks developed to help climate-focused investors (including groups such as Climate Action 100+) and other stakeholders assess corporate transition plans against the 1.5°C climate scenario set out in the Paris Agreement. The oil and gas Standard is the first of a series of “sector-specific frameworks” IIGCC will be helping to develop. IIGCC will apply the Standard to the operations and transition plans of major market participants and aims to publish public assessments in late 2023. Following the assessments, the framework will be reviewed again by IIGCC with the aim of making further refinements post-2023.
