Oil and Gas

Guidance for the oil and gas sector

Why take action?

The combustion of fossil fuels represents the single largest source of carbon dioxide emissions. In addition, the oil and gas industry is one of the largest contributors of methane emissions. To meet the goals of the Paris Agreement and avoid catastrophic irreversible climate change, the sector must radically transform.

Oil and gas companies are highly exposed to low-carbon transition risks - as well as opportunities. With its considerable scientific, technical, economic and financial assets, the sector wields enormous power to drive ambitious climate action and build the low-carbon, sustainable economy that we urgently need.

A new methodology

We are developing a new methodology for companies extracting fossil fuels to set science-based targets. This new pathway is due to be launched in 2021. Until then, the SBTi is unable to validate targets for companies in the oil and gas sector.

Get involved

We urge companies in the sector and interested stakeholders to take part in the development process for the new methodology. Please find more details below.

If your company is interested in leading the way to a low-carbon future for the industry, please get in touch or join our mailing list.

Browse more sectors

If your sector is not listed here, you can still set a science-based target using our methods and resources. Consult the step-by-step guide to get started.

Sector Status
Aluminium Scoping Phase View
Forest, Land and Agriculture (FLAG) Scoping Phase View
Power Finalized View
Transport In Development View
Oil and Gas In Development View
Chemicals and Petrochemicals Scoping Phase View
Financial institutions In Development View
Apparel and footwear Finalized View
Information and Communication Technology (ICT) Finalized View