Energy majors have agreed a common standard on reporting progress over net zero carbon emissions, allowing the world's biggest investors to properly track progress, a lobby group said Wednesday.

This will allow "a level playing field in corporate reporting and meet investor expectations for credible and comparable company net zero transition plans", the Institutional Investors Group on Climate Change said in a statement.

More than 20 leading global investors with collective assets of $10.4 trillion have the support of some of the largest energy groups including BP, Repsol, Shell and Total, the IIGCC added.

"The past 18 months have seen enhanced climate ambition from a number of leaders within the oil and gas sector, with many suggesting that their targets are consistent with net zero," said IIGCC chief executive Stephanie Pfeifer.

"However, analysis shows that for many there is still work to do to get on track to achieve net zero by 2050 and meet the goals of the Paris Agreement."

The Paris accord aims to keep the global temperature increase by mid-century to under two degrees Celsius, and ideally closer to 1.5 degrees, and fossil fuel producers say they are playing their part in efforts to achieve that goal.

Energy groups hope to meet their own targets on net zero carbon emissions thanks to an expected drop in oil and gas output coupled with increased production of cleaner and sustainable energy sources such as electricity and wind power.

"For investors to play their role, we need to be able to meaningfully compare different company strategies whilst recognising that there is no one size fits all approach", noted Adam Matthews at Church of England Pensions Board, a member of the IIGCC.

"Our aim in developing this Oil and Gas Sector Net Zero Standard is to allow us to do that."

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