Long-term investors in the Company see its corporate value depending upon a credible decarbonisation strategy and short-, medium- and long-term GHG emissions reduction targets aligned with the goals of the Paris Agreement. We welcome the commitment by the Company to the recommendations of the TCFD which recommends disclosure of scope 1, 2 and 3 emissions and the related risks for the consolidated accounting group, associates, joint ventures, and unconsolidated subsidiaries not included in the consolidated accounting group.

While we welcome the Company’s intention to achieve carbon neutrality by 2050, the Company’s emissions reduction targets towards 2030 are not aligned to the goals of the Paris Agreement and the Company’s current decarbonisation strategy relies heavily on technologies that have not been proven to deliver emissions reductions at scale. Not having Paris aligned targets together with the uncertainty of its technology investment strategy presents a range of material risks to shareholders, including the risk of stranded assets.

Setting Paris-aligned targets, and disclosing credible business plans to achieve them, would best manage these risks and protect corporate value. Disclosure of the Company’s forward capital expenditure and alignment with emissions reduction targets would assist shareholders assessment of the Company’s plans.