Page 5 - GLNG Week 46 2022
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GLNG COMMENTARY GLNG
through trade associations or other bodies. CO2 created from oil and gas production
Instead they must align their advocacy, as well could be severely underreported, a report from
as their governance and business strategies with Climate TRACE, a coalition founded by Gore,
their climate commitments. warned at COP27.
Finally, the report makes a clarion call for The report said that emissions data voluntar-
stronger net zero regulations and laws, aban- ily offered to the UN Framework Convention
doning any voluntary initiatives by companies on Climate Change (UNFCCC), the body that
themselves. includes the annual COP summits, was mislead-
The report calls for strict for regulation start- ing, and that real emissions levels could be three
ing with large corporate emitters including times higher.
assurance on their net zero pledges and manda- More than half of the 50 largest sources of
tory annual progress reporting. GHG emissions are associated with oil and nat-
Put simply, non-state actors cannot be trust ural gas fields and those emissions are vastly
to go green by themselves, but rather they must under-reported, the report warned.
legally be subject to stringent regulations and
laws. Task Force
The report comes as Oxfam said in a report Looking ahead, the UN report’s key recom-
that the investments of the world’s 125 wealthiest mendation is for a new global Task Force that
people produce the same amount of CO2 as the would unite international regulators and help
whole of France, while each of them emits a mil- policymakers and regulators complement vol-
lion times more greenhouse gases (GHGs) than untary climate action with clear rules that are
the average person. both nationally appropriate and internationally
The billionaires together have “investment consistent.
emissions” that equal the carbon footprints of Put simply, the world needs a more uni-
entire countries like France, Egypt or Argentina. form group of global green financing rules that
Meanwhile, the problem of greenwashing would prevent force business and finance to
was highlighted by former UN Presidential can- implement net zero policies and to fight against
didate Al Gore at COP27. greenwashing.
Week 46 17•November•2022 www. NEWSBASE .com P5
