A new initiative has been launched, aimed at helping reshape the fossil fuel industry’s approach to climate change. The Heat is On initiative is guided by a Senior Advisory Panel made up of former and current leaders from industry, government, international organisations and civil society. It is led and co-ordinated by Critical Resource, an advisory firm supporting responsible practices in the extractive industries.

The goal of the initiative is to catalyse stronger leadership by fossil fuel companies on climate change – so that oil, gas and coal companies play a meaningful and important role in helping the world to limit global mean temperature rise to 2 °C above pre-industrial levels, an internationally-accepted policy goal. The initiative is a quest for ‘big ideas’ on how the industry can transform itself to operate profitably in carbon-constrained world.

Considering the disproportionate impact climate change is having on the developing world, and the current reliance of many emerging economies on fossil fuels for their growth, the initiative will give special attention to additional steps companies can take in developing countries.

The first phase of the initiative will involve a period of engagement and dialogue with senior industry executives and independent experts. It will develop ideas for practical changes the industry can make, engaging with companies to achieve progress. It will be grounded in an understanding of business realities and the world’s growing need for affordable energy – and also a recognition of the urgency of catalysing significant industry action on climate change.

The results of the first phase of work will be published in advance of the upcoming United Nations Climate Change Conference of the Parties (COP21) in Paris in November-December 2015. While not intended to directly influence the negotiation of climate commitments by governments, the recommendations will aim to set the basis for the industry transformation which may be needed as a result of international agreements made at Paris.

Critical Resource (CR) has assembled an Advisory Panel of leading industry and international figures to oversee the process and outputs of the initiative. The Advisory Panel includes:

• Lord John Browne (Executive Chairman, L1 Energy; Former CEO of BP)
• Connie Hedegaard (Former EU Commissioner for Climate Action)
• Prof Dame Julia King (Member of the UK’s Committee on Climate Change; Former senior Rolls-Royce executive)
• Julia Marton-Lefèvre (Former Director-General, IUCN)
• Dr Bert Metz (Former Co-Chairman, Working Group III Mitigation, IPCC)
• Sir Mark Moody-Stuart (Former Chairman of Shell and Anglo American)
• Prof Jim Skea (Founding member of the UK’s Committee on Climate Change)
• Michael Zammit Cutajar (Former Executive Secretary, UNFCCC)

The initiative Mission statement is “The goal of the Heat Is On initiative is to catalyse stronger leadership by fossil fuel companies on climate change – so that oil, gas and coal companies play a meaningful and important role in helping the world to limit global mean temperature rise to 2 °C above pre-industrial levels.

“Achieving this limit will require major reductions in greenhouse gas emissions, with a clear pathway to achieving net-zero emissions by 2100. This has critical short- and long-term business implications for fossil fuel companies. The initiative will develop a vision for the industry’s transformation, engaging with industry to achieve progress. It will be grounded in an understanding of business realities and the world’s growing need for affordable energy – and also a recognition of the urgency of catalysing significant industry action on climate change.”