The Science Based Targets initiative (SBTi), previously leading in the development of voluntary climate standards for companies, is losing several key players from the energy sector. Shell, Aker BP, and Enbridge have ceased their participation in the expert group after a draft defining "Net Zero" targets clearly rejected new oil and gas projects.

An internal draft obtained by the Financial Times initially demanded that companies should no longer develop new oil and gas fields after submitting a climate plan or by the end of 2027 at the latest. Additionally, the production volumes of fossil fuels should decrease significantly—requirements that met with resistance from the affected companies.

Shell justified the withdrawal by citing lack of consideration for "industry realities." The goal of net-zero is acknowledged, but "sufficient flexibility" is demanded to realistically achieve it by 2050. The company recently weakened its 2030 targets and eliminated its interim goal for 2035.

The SBTi has now "paused" work on an industry-specific oil and gas standard. Although the organization officially cites limited capacities, it emphasizes that this has nothing to do with the resignations. According to internal communications, however, the priority of the work has been significantly downgraded.

In parallel, another document calling on financial institutions to cease investments in new fossil projects was weakened: The implementation deadline was postponed to 2030 under the new leadership of David Kennedy. Originally, an earlier phase-out had been planned.

Criticism comes from within the organization: "The more we delay, the more cover we provide for Big Oil," commented an employee involved in both standards.

The SBTi is considered an important authority for climate strategies of large companies. Apple, AstraZeneca, and many other corporations have their goals certified there to gain credibility with investors and the public. The resulting break with the fossil fuel industry is therefore all the more significant.