Climate Change transition can be hard to identify within the operational investment plans within some oil & gas giants.
At the IAIA 2019 conference in Brisbane last week, several authors delivered papers on current & future oil + gas investment projects and programmes that would be rolled out over the next decade. The local press was also reporting on new coal investment plans for Queensland, and within a 2-day Leadership in EIA training programme I led with Claire Gronow of Bristol University in Brisbane, several of the course’s experienced EIA participants were employees or IFC/Government officials with oversight of new fossil fuel projects coming through the investment chain.
Yes, they were all dealing diligently with any environmental & social risks arising on site, but it was hard to define any clear signs of climate change transition or adaptation within the corporate business strategies of their parent companies, or any corporate shift away from fossil fuel exploitation.
This concern has been backed up by analysis from Global Witness in April that identified close to $5 trillion of planned investment in exploration and extraction from new oil & gas fields. This the authors concluded is incompatible with reaching the world’s climate goals. The report also concluded that despite rhetoric to the contrary, the oil and gas sector’s future investment plans remain drastically incompatible with limiting climate change.
From recent experience, I concur with these unfortunate conclusions. If politicians and businesses are increasingly tempted to use the word ‘emergency’ in respect of climate change, there is an obligation on them to demonstrate thier own response and strategic action they are taking to address the ‘emergency’. As sustainability and IA professionals we are working hard to mitigate the unintended consequences of Man’s exploitation of cheap carbon-based energy and advocating for greater sustainability within business practices. Future climate change transition now requires more than advocacy, it demands action and a strategic shift in the mindset of Governments and Boardroom leaders. The solutions and advice are out there to be called upon, but action is an individual responsibility.