Shell (SHEL), Norway's Aker BP, and Enbridge (ENB) have withdrawn from the expert advisory group Science Based Targets initiative, the Financial Times reported Tuesday, citing internal documents.

The departures followed draft guidelines requiring companies to halt new oil and gas field developments after submitting a climate plan or by the end of 2027, whichever comes first. The proposed standards also called for significant reductions in oil and gas production.

Following the exits, the SBTi has "paused" work on the oil and gas standard citing "capacity considerations" but denied that the decision was due to the energy industry departures, the report said.

The advisory group also postponed guidance for financial institutions to stop funding new oil and gas projects, extending the deadline from this week to 2030, people familiar with the matter told the FT.

Shell said it had withdrawn as the draft standard "did not reflect the industry view in any substantive way" and argued that the guidance should reflect society in a "realistic" way "while providing companies with sufficient flexibility" to become net zero by 2050, the report said.

Aker BP also confirmed its departure but said the decision "in no way reflects a lack of commitment to climate action," as cited in the report.

Shell, Aker BP, and Enbridge did not immediately respond to requests for comment from MT Newswires.

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