SBTi Drafts Standards to Phase Out Oil and Gas.

The Science Based Targets initiative (SBTi) is drafting standards to align the oil and gas sector with the 1.5°C Paris Agreement target. These standards call for ambitious absolute emission reductions across Scope 1, 2, and 3 emissions, focusing on cutting total emissions, not just improving efficiency. They outline decarbonization pathways, restrict new fossil fuel investments, and set phaseout timelines to achieve net-zero emissions by 2050. Transparency in progress reporting is required, with a focus on a "just transition" for affected workers. Public consultation will follow.

Information regarding public consultation dates and procedures can be viewed on the SBTi website, Oil and Gas - Science Based Targets Initiative.