Paris Agreement And Oil Companies
In 2019, BP`s accountants, Deloitte, explicitly established that current impairment prices were not in line with the Paris targets, based on a comparison with third-party scenarios. This came as BP felt its strategy was “consistent with the objectives of the Paris Agreement.” BP then changed its assumptions in Q2 2020. Shell`s auditors also examined their assumptions of relevance, both in the context of the energy transition and in the company`s decarbonisation commitments. But Helm, who published the book “Burn Out: The End Game for Fossil Fuels” in 2017, said he believed all oil companies would have a bleak future beyond the next few decades, because technological advances would make them obsolete in a global economy dominated by electricity, battery storage, three-dimensional printing, robotics and other breakthroughs.