The world's top management consultancy McKinsey & Company is using its position as a key advisor to the UN's COP28 climate talks to push the interests of its big oil and gas clients, undermining efforts to end the use of the fossil fuels driving global warming, according to multiple sources and leaked documents.
Behind closed doors, the US-based firm has proposed future energy scenarios to the agenda setters of the summit that are at odds with the climate goals it publicly espouses, an AFP investigation has found.
An "energy transition narrative" drafted by the firm and obtained by AFP only reduces oil use by 50 percent by 2050, and allows for trillions of dollars of continued investments in "high-emissions assets" per year up to mid-century.
McKinsey—whose big oil clients range from America's ExxonMobil to Saudi Arabia's state-run Aramco—is one of several consultancies giving free advice to the United Arab Emirates as it hosts the critical negotiations, which start on November 30.
Controversially, the talks are being presided over by Sultan Al Jaber, head of the Emirati state oil firm ADNOC.
With scientists saying 2023 is certain to be the hottest year on record, and greenhouse gas emissions headed for unprecedented levels, McKinsey is "vocally and brazenly calling for lower levels of ambition on oil phase-out at the highest levels within the COP28 presidency," said a source who was in the room on confidential discussions with the summit hosts.
McKinsey responded insisting that "sustainability is a mission-critical priority" and that it is committed to helping clients decarbonize.
"We are proud to be supporting COP28 by providing strategic insight and analysis, and sectoral and technical expertise," it told AFP.
'Written by oil industry for oil industry'
Some of McKinsey's rival consultancies operating in Dubai have worked in the spirit of finding genuine climate solutions, according to three sources who have taken part in high-level preparatory meetings, who asked not to be named as the proceedings were confidential.
"But it was very clear from an early stage that McKinsey had a conflict of interest," said a source who took part in COP28 presidency discussions.
"They would give advice at the highest levels that was not in the best interest of the COP president as the leader of a multilateral climate agreement, but in the best interest of the COP president as the CEO of one of the region's biggest oil and gas companies."
Confidential documents seen by AFP back this up.
Read more:
https://phys.org/news/2023-11-undermining-climate-whistleblowers.html
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67 w
It's quite unpleasant.
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69 w
This is not acceptable
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70 w
This is morally wrong.
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It is concerning to hear that McKinsey & Co, a prominent consulting firm, is allegedly advocating for the interests of fossil fuel clients at the COP28 talks. This goes against the urgent need to address climate change and transition to renewable energy sources. It raises questions about the firm's commitment to sustainability and their role in shaping global climate policies. It is crucial for businesses and organizations to align their actions with the goals of reducing greenhouse gas emissions and promoting a sustainable future for all.
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70 w
This is absolutely horrible. Filthy, destructive, awful. All clients to McKinsey should immediately cut their ties to these fossil fuel-loving dinosaurs after reading this.
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70 w
Shameful behaviour like always
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70 w
Actually leaders should be considerate as they addresses the issues of climate ahead of cop28 so that they ensure all the company affect are properly inform and understand this move so that move will continue to united the nation together
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70 w
This is ridiculous!!! Soon COP will loose its meaning!!
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71 w
BlackRock, Vanguard and State Street are also doing the same!
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71 w
This is so unfortunate,we are trying to advocate for good engagements in the cop 28 so that we can get solutions yet some companies are dragging those efforts behind
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71 w
How now?
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#Vo🇺🇸mit