Out of the Shadows: new report shows ASX listed fossil fuel companies footprint undermines Australia's net zero targets.
13 November 2023
To coincide with the UN Asia Pacific Climate Week in Johor Bahru Malaysia, Publish What You Pay (PWYP) Australia is pleased to launch the report "Out of theShadows: Australia's Fossil Fuel Footprint.” The report reviews Australian Stock Exchange (ASX) listed extractive companies’ global fossil fuel footprint and is a call to action to end funding and approvals for new fossil fuel projects alongside a suite of improved transparency and reporting requirements to support theenergy transition.
PWYP National Director Mia Pepper explained “We have identified 111 ASX listed companies involved in 380 fossil fuel projects in Australia and around the world. These projects span 41 countries including 25 low-income countries.
What is staggering is that 209 are new proposals for exploration and planning stage - 169 being for oil and gas.
“The investment and commitment to developing new fossil fuel projects comes despite warnings from the International Energy Agency and other large institutions that ‘there can be no new coal, oil and gas projects if the global energy sector is to reach net zero emissions by 2050.’
“The scale of new fossil fuel projects in the pipeline held by ASX listed companies is incompatible with our goals to combat climate change which we know will have devastating impacts on communities. We are sleepwalking into a future where the extraction of fossil fuel prevents us from reaching our net zero commitments.
The report includes a series of recommendations to increase transparency, needed to hold the fossil fuel sector to account and measure progress to meeting net zero targets. By implementing the Extractive Industries Transparency Initiative alongside public reporting on; reserve data and embedded emissions, break even prices of new projects, price sensitivity analysis, closure and decommissioning liabilities and transition plans.
"If we have any hope of limiting the worst impacts of climate change, we cannot develop new fossil fuel projects. This report is a call to government, industry, and investors to stop funding and approving new coal, oil and gas and to start standardised reporting on reserves and embedded emissions and to publish transition plans and closure liabilities. We need to draw the fossil fuel sector out of the shadows and hold the sector to account on how they are planning to meet net zero targets.”