3. Commit to reducing to zero all financial services and the exposure of investment, financing and insurance portfolios to the oil and gas sectors by 2040 at the latest in EU and OECD countries and by 2050 elsewhere.
4. Divest from and suspend financial services for companies holding more than 5% of their reserves in oil sands, shale oil and gas, and/or Arctic and deep water extraction.
5. Condition all financial services to oil and gas companies, from 2021, on their commitment
a/ To align their activities with the 1.5°C target
b/ to gradually transform their activities towards non-greenhouse-gas-emitting activities and close their existing oil and gas operations at the latest by 2040 at the latest in EU/OECD countries and by 2050 elsewhere.
6. Condition all financial services to oil and gas companies, after 2021, on the adoption of short, medium and long-term targets for the absolute reduction of their greenhouse gas emissions from all their activities (Scope 1 to 3). These targets must :
a/ Align with the scientific imperatives of halving greenhouse gas emissions by 2030 and moving out of oil and gas by 2040 at the latest in the EU/OECD countries and by 2050 elsewhere.
b/ Include a rapid reduction to zero of all capital expenditure on oil and gas production and transport projects and an investment increase in non-greenhouse-gas-emitting technologies.