Exxon’s project level analysis of climate impacts shows need for mandatory disclosure

Reports that Exxon is analysing project level climate impacts against its ability to meet the Paris targets prove that mandatory climate disclosures for resources companies must be at project level.

The WSJ article details how directors are debating abandoning some big gas investments partly due to the climate impacts and risks at the project level. This includes the emissions from two projects which are seemingly at odds with the Paris Agreement and keeping warming to below 1.5 degrees.

Exxon has a number of offshore oil and gas projects in Australia including in Bass Strait off the coast of Victoria.

Clancy Moore, National Director of Publish What You Australia made the following statements:

“We call on governments to make large coal, oil and gas companies to disclose climate related information to communities, investors and policy makers. This should include emissions data, transition risks and be at the project level.”

"The news that Exxon one of the world’s largest oil and gas companies is assessing project level climate impacts in debating to ahead with two big emitting, and politically risky, projects in Mozambique and Vietnam, opens the door for the need for public reporting on project level climate risks.”

“The US, EU and UK governments have made it loud and clear to regulators, investors and companies they will mandate climate risk disclosures from extractive companies. The Australia government should show leadership and follow suit.”

For more comments, contact Publish What You Pay via +61 (0) 410 508 051