In 2018, Chinese oil and gas giant CNOOC Ltd. agreed to improved emissions reporting and working on medium-term plans to address the low-carbon transition in its industry, in response to CBIS’ letter asking it to report to the CDP and disclose climate scenarios and emissions targets aligned with the Paris Agreement.
In the fourth quarter of 2017, CBIS asked the Board of Directors in a letter to produce a Two Degree Scenario Analysis, respond to a questionnaire from investor network CDP, and disclose how the Board is going to improve its climate competency and oversee climate risk.
In 2016, CBIS will begin to engage China National Offshore Oil Corporation (CNOOC) on the issue of climate change. CNOOC is China’s largest oil & gas company and can play a critical role in the transition to a low-carbon economy. China is the world’s largest consumer of energy and biggest greenhouse gas emitter, but it has set out a global action plan to limit global warming in accordance with the Paris climate accord. CNOOC has taken steps to address climate change, including developing technology to capture and store carbon, reducing energy consumption and improving energy ef¬ficiency in the production process, but it does not disclose emissions and provides only limited information regarding its renewable energy and carbon sequestration efforts. CBIS will work with CNOOC to ensure the company is creating targets to measure and reduce emissions and developing reporting to disclose its emissions, reduction goals, and progress.