Oil sector targeted by EU climate benchmarks

Companies that derive 10% or more of their revenue from oil exploration or processing should be excluded from an EU 'Paris-Aligned Benchmark', an EU expert group says

Companies that derive 10% or more of their revenue from oil exploration or processing should be excluded from an EU 'Paris-Aligned Benchmark' (PAB) designed to help investors adopt “climate-conscious investment strategies”, a European Commission panel has said in its latest report.

The Technical Expert Group on Sustainable Finance (TEG), charged with fleshing out the EU executive's proposals to green Europe's economy, took a more benign view of natural gas, where it recommends a threshold of 50% of revenue in a report published on Monday. The same limit should apply to electricity generation with emissions equivalent to over 100g of CO2 per kilowatt hour, the panel concluded.

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