This side-event, co-hosted by the Columbia Center on Sustainable Investment (CCSI) and the World Benchmarking Alliance (WBA), focused on the fossil fuel production sector and examined the levers that financial actors and regulators have to enhance the credibility of transition plans of National Oil Companies (NOCs) and their host countries.
At COP28 Parties agreed to an equitable transition away from fossil fuels. To build on this, NOCs and their host countries must be held accountable for their transition plans as these companies and countries account for the lion’s share of GHG emissions in the oil and gas sector.
Financial actors and regulators have a key role to play through the financing and technical assistance they provide. This event delved into these topics and showcased research from WBA, IISD, Carbon Tracker and NRGI.
Key areas of focus included:
- Highlighting the importance of just oil and gas transitions and embedding this in the NCQG and NDCs 3.0 ahead of COP29 and COP30
- Showcasing the state of play of transition plan readiness for different oil and gas companies
- Diving deeper into the levers that financial actors and regulators have at their disposal to increase the transition plan readiness of NOCs
