2023 Progress Update

Climate Action 100+'s fifth progress update is available now. The update covers key engagement wins, the Net Zero Company Benchmark, and the latest updates on Phase 2 of the initiative. Read more ➜

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10 Company Assessments Against The Net Zero Standard For Oil & Gas Made Available To Investor Signatories

31st January 2024

Results of 10 company assessments against the Net Zero Standard for Oil & Gas (NZS O&G) are now available to investor signatories via the Signatories Login on the Climate Action 100+ website. Investors should use the desktop version of the data file for functionality.

The assessments, undertaken by the Transition Pathway Initiative Centre (TPI Centre) and the London School of Economics and Political Science, have been carried out for the following 10 companies: Exxon Mobil, Shell plc, Chevron, TotalEnergies SE, ConocoPhillips, BP, Occidental Petroleum, Eni S.p.A, Repsol S.A. and Suncor Energy. 

The assessments are designed to inform and support investors’ corporate engagement priorities and escalation strategies with individual companies. The assessments do not require or seek collective decision-making or action with respect to acquiring, holding, disposing and/or voting of securities.  

Over coming weeks, the TPI Centre intends to analyse the data generated by these assessments. Climate Action 100+ expects to make the assessment data publicly available later in Q1. 

About the Net Zero Standard for Oil & Gas 

The NZS O&G was developed to help inform investors’ corporate engagement priorities and escalation strategies, whilst helping them better understand the transition risk in their portfolios.  

Its development followed a two-year consultation process led by IIGCC with support from the TPI Centre, investors and regional investor groups. Provisional indicators were published in September 2021 and subsequently tested in a pilot study covering five European major oil and gas companies.   

The NZS O&G metrics have been designed to complement the Disclosure Framework of the Climate Action 100+ Net Zero Company Benchmark. The Standard is also designed to support and complement Global Sector Strategies engagement, as outlined in Climate Action 100+’s phase two strategy.   

Climate Action 100+ will consider the impact of the NZS O&G workstream later in the year, including an update of the company assessments with potential to expand coverage, if it is deemed successful. This potential expansion as well as further work on sector standards and Climate Action 100+ linked assessments are dependent on the strategic priorities and resources of the initiative and its academic partner.  

The Climate Action 100+ full disclaimer can be found here