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Thread: These are the most sustainable oil companies based on climate transition scores

  1. #1
    Satyavrata Maciamo's Avatar
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    These are the most sustainable oil companies based on climate transition scores

    This ranking is from the article Integrated European Majors Lead on Preparedness for a Low-Carbon World Among 39 Global O&G Companies.

    The BI carbon score is based on the reduction in operational emissions intensity and reduction of greenhouse gas emissions. The BNEF business model score is based on investments in new technologies driving the transition to a low-carbon economy. The overall score is merely the average of the two other scores.



    Here are the countries in which each company is based.


    1. Total - France
    2. Galp - Portugal
    3. Equinor (formerly Statoil) - Norway
    4. BP - United Kingdom (also owns Aral in Germany and Amoco in the US)
    5. Shell - UK & Netherlands
    6. Eni (aka Agip) - Italy
    7. OMV - Austria
    8. Ecopetrol - Colombia
    9. Repsol - Spain
    10. Suncor - Canada



    Bloomberg notes that US oil companies lag well behind in sustainability, including the two giants ExxonMobil (aka Esso) and Chevron (Texaco in Europe and Caltex in Asia and South America).
    Last edited by Maciamo; 06-09-21 at 10:30.
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    Here is another report on oil companies' low-carbon transition by CDP:



    Here are the definitions of the four risk factors:

    • Transition risks: We assess company portfolios, looking at production and reserve splits by hydrocarbon type as well as looking across various measures of carbon efficiency such as emissions intensity (including methane and flaring levels) and Wood Mackenzie’s NPV/tonne metric.
    • Physical risks: We analyse company exposure to localized water stress issues on a facility-by-facility basis across onshore upstream production and downstream assets. We compare this water stress exposure with companies’ fresh water withdrawal intensity and governance frameworks.
    • Transition opportunities: We examine which companies are investing in low-carbon assets, R&D and embracing innovative technologies. We also analyse levels of capital flexibility; looking across exploration and production costs, reserve life, discretionary future spend, cash margins and financial gearing.
    • Climate governance and strategy: We analyse companies’ governance frameworks including emissions reduction targets and the alignment of governance and remuneration structures with low-carbon objectives. We look at which companies are conducting scenario analysis and stress-testing their portfolios against a low-carbon energy transition.

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    Satyavrata Maciamo's Avatar
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    The most comprehensive report I have found on the subject is Energy Transition: The evolving role of oil & gas companies in a net-zero future by CMS, an international law firm based in Frankfurt, Germany.

    Here is a graph from the report showing the targeted carbon carbon emissions intensity by oil company. Only Eni, Shell and Total's targets are close to the pledges of the Paris Agreement on Climate Change.


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    Here are the Environment, Social and Governance (ESG) Risk Ratings of major petrol companies based on data from Yahoo Finance. A low score is better.

    Company Environment Risk Score Social Risk Score Governance Risk Score Overal ESG Score
    Repsol 10 6.8 6.0 23
    Eni 11.8 6.3 8.6 27
    Galp 12.6 6.3 8.1 27
    TotalEnergies 11.1 9.4 7.9 28
    OMV 11.4 7.7 9.0 28
    Equinor 15.5 9.2 7.3 32
    Exxon Mobil 16.1 10.6 8.2 35
    Royal Dutch Shell 18.2 9.6 8.3 36
    Lukoil 16.3 10.3 9.1 36
    ConocoPhillips 19.0 9.8 7.0 36
    BP 18.3 10.7 9.1 38
    Chevron 20.0 10.7 9.9 41

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