Oil giants back Paris climate pact

The heads of 10 major international oil and natural gas companies Friday endorsed the goals of world leaders for a worldwide climate change deal.

The oil chiefs said they want an “effective” deal at the United Nations climate talks in Paris this December and acknowledged a major role for oil and gas production in both causing and mitigating climate change.


“Going forward, we will continue in our efforts to help lower the current global emissions trajectory,” the executives wrote in a "declaration".

“However, neither our contributions nor those of any one industrial sector alone will be enough to address the challenge of climate change; it can only be met by each part of society making an appropriate contribution,” they said.

The declaration was signed by the heads of BP, Royal Dutch Shell, Saudi Aramco, Total, Repsol, Statoil, Eni, Petroelos Mexicanos, Reliance Industries and BG Group.

Together, the 10 companies account for about one-fifth of the world's oil and gas production, as well as a major portion of its greenhouse gas emissions.

The company heads met in Paris this week to hash out a strategy for the climate talks that could preserve the role of oil and gas.

The strategy largely relies on replacing coal with natural gas, reducing the venting and flaring of gas, increasing energy efficiency, and investing in more research into greenhouse gas reduction.