A COP28 pledge by energy majors to reduce their emissions is not enough to convince many sustainable fund managers to include the companies in their portfolios because it omits pollution from the use of oil and gas, six interviews show.
The pledge by 50 of the biggest oil and gas companies at the U.N. climate talks in Dubai commits to reaching near-zero methane emissions by 2030 as well as net-zero carbon emissions in their energy use and production by 2050.
Those so-called Scope 1 and 2 emissions from the companies' own operations account for about 15% of the total associated with the companies. The pledge does not address Scope 3 emissions caused by the use of the fuels the companies produce, which account for 85%.