Shell and Peers Quit SBTi Group, Stalling Oil-and-Gas Net-Zero Standard

Shell, Norway’s Aker BP and Canada’s Enbridge have withdrawn from an expert advisory group convened by the Science Based Targets initiative, ending a six-year effort to craft a net-zero emissions standard for the oil and gas industry. According to documents cited by the Financial Times and confirmed by Reuters, the companies quit after a draft rule said firms should stop developing new oil and gas fields once they file a climate plan or by the end of 2027, whichever comes first. Following the departures, the SBTi said it has ‘paused’ work on the oil and gas guidance, attributing the decision to internal capacity constraints and denying industry pressure. The setback underscores growing tension between fossil-fuel producers and climate standard-setters as governments and investors demand credible pathways to limit global warming to 1.5°C. Separately, a British Standards Institution survey of 1,000 UK executives found 71% do not believe the government can achieve economic growth while reaching net zero. Only 36% of firms have set net-zero targets, down from 58% last year, signalling a broader slowdown in corporate climate commitments amid cost concerns and policy uncertainty.