Analysis of CERES E&P paper Final

Summary

Ceres should therefore be expected to work to ensure that the GFANZ alliances’ protocols and guidelines are adequate to meeting GFANZ’s “overarching goal” of supporting “the global ambition to limit warming to 1.5°C.”5 Fulfilling its mandate within GFANZ would require Ceres to push for these criteria to be in line with what the IPCC and standard-setting and policy bodies like the UN’s Race to Zero. [...] The emissions intensity of Canada’s oil and gas sector, for example, fell by 13% between 2005 and 2020, while the sector’s emissions to the atmosphere climbed by eight per cent.32 The AOA states that oil and gas companies “need to set absolute- and intensity-based emissions targets”.33 While the NZBA allows its members to set decarbonization targets on either an absolute or intensity basis, of the. [...] This definition of methane intensity is problematic as it can be interpreted to indicate the need to measure emissions only from the fossil gas sector, and to allow the exclusion of the even larger emissions from oil production.37 Methane intensity targets should be set for both fossil gas and oil sectors separately, as well as given using a combined metric such as kilograms of methane emissions p. [...] The use of a metric based on gas production is particularly confusing in this case as flaring is essentially an issue 37 IEA, Emissions from Oil and Gas Operations in Net Zero Transitions: A World Energy Outlook Special Report on the Oil and Gas Industry and COP28, p.16, May 2023 38 This metric is used by the IEA to express methane intensity for oil and gas see . [...] Financial institutions must require E&Ps to adopt strong methane intensity targets, in addition to targets to reduce their absolute methane emissions by 75% between 2020 and 2030 in alignment with the IEA’s Net Zero Emission scenario.48 6) Lack of any restrictions on offsets The Key Elements paper notes the existence of the debate over the validity of using offsets and that there are “limits to th.