World's biggest energy companies announced on Thursday their decision to follow and support six principles in the energy transition. The initiative was agreed by BP PLC, ENI SPA, Equinor ASA, Occidental Petroleum, Royal Dutch Shell, Total SE, Galp Energa and Repsol SA.
The agreement provides public support for targets aligned with the Paris Agreement's goals, decarbonization of the industry based on the independent strategy of each company, the collaboration with interested stakeholders towards the achievement of the objectives set by the Paris Agreement, the development of sinks as carbon capture, utilization and storage technology (CCUS), the enhancement of transparency related to climate change risks and opportunities, as well as the strengthening of industry and trade associations through key advocacy and climate policy positions.
"The principles will act as a framework for actions leading energy companies are taking together, as well as a platform for collaborating with wider stakeholders," the CEOs of the participating companies said in a joint statement.
