Big Oil and asset managers sign carbon accords

Carbon-riskChief executives from major energy firms and asset managers have signed agreements on carbon pricing and carbon-risk disclosure following a two-day summit held at the Vatican.

Executives from around 70 firms attended – including BNP Paribas, BlackRock, BP, Shell, Exxon, and Hermes Investment Management – in an effort to create a dialogue between the Pope, Big Oil, and investors.

The summit was organised by the Vatican and the University of Notre Dame.

According to the Pontiff, carbon pricing is “essential if humanity is to use the resources of creating wisely”.

The head of the Roman Catholic church declared that the world is in the midst of a “climate crisis” – a sentiment shared by London-headquartered Hermes chief executive and co-signatory Saker Nusseibeh.

“The environmental crisis that we currently face with regards to global warming demands urgent action”, Nusseibeh said. 

‘The Vatican Dialogues: The Energy Transition Care for our Common Home’ summit focused on three main points:

  • A “just” transition to a low carbon economy
  • Introducing “reliable and meaningful” carbon pricing
  • Transparency in reporting climate risks

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