How has the Oil and Gas Industry adapted to the requirements of the Paris Climate Agreement?
The average carbon risk rating (oCRR) for the oil, gas and consumable fuels (OGCF) industry, which ranges from 0 (very poor) to 100 (very good), is only 12.6 (average for the ISS-oekom universe: 25.7). This shows that the business models of most companies are not yet geared towards transformation to a low-carbon economy. The industry can therefore be classified as a “climate laggard.” Nonetheless, there has been a slight increase in the rating since March 2016: After the Paris Climate Agreement came into effect, these companies were analyzed for the first time within the framework of the oCRR. At that time, the industry’s average oCRR score was only 9.9. Current climate data from ISS-Ethix also shows that almost half (47.8 percent) of the companies analyzed have pointed out climate-relevant risks and opportunities in their business, strategic, or financial plans.