Business Model

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Total score Targets Material Investment Intangible Investment Sold products Management Supplier Engagement Client Engagement Policy Engagement Business Model

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Module 9, business model, assesses whether companies are actively developing business activities for a low-carbon future. Next to developing sustainable practices, companies need to transition their business model away from oil and gas to other areas that remain profitable in a low-carbon economy. They need to develop business activities that enable them to decouple financial results from greenhouse gas emissions.

This module assesses companies’ business activities across three categories:

  1. Business activities that drive the company’s energy mix to low-carbon energy (indicator 9.1, weighted 4% of the performance assessment).
  2. Business activities that contribute to the reduction of energy demand (indicator 9.2, weighted 3% of the performance assessment).
  3. Business activities that develop carbon capture and storage (CCS); carbon capture, use and storage (CCUS) and negative emissions technologies (NETs) (indicator 9.3, weighted 3% of the performance assessment).

Ranking overview

1 Engie
Total score 50.0 /100
Business Model 50.0 /100
2 bp
Total score 48.8 /100
Business Model 48.8 /100
3 Equinor
Total score 47.5 /100
Business Model 47.5 /100
4 Total
Total score 42.5 /100
Business Model 42.5 /100
5 Origin Energy
Total score 40.0 /100
Business Model 40.0 /100
6 Eni
Total score 35.0 /100
Business Model 35.0 /100
- Neste
Total score 35.0 /100
Business Model 35.0 /100
8 Repsol
Total score 30.0 /100
Business Model 30.0 /100
9 Naturgy Energy
Total score 26.3 /100
Business Model 26.3 /100
10 China Petroleum and Chemical Corporation Limited (Sinopec)
Total score 25.0 /100
Business Model 25.0 /100
- Cosmo Energy Holdings
Total score 25.0 /100
Business Model 25.0 /100
- Pertamina
Total score 25.0 /100
Business Model 25.0 /100
13 BHP Group
Total score 20.0 /100
Business Model 20.0 /100
- Saras
Total score 20.0 /100
Business Model 20.0 /100
15 ENEOS Holdings
Total score 15.0 /100
Business Model 15.0 /100
- HollyFrontier
Total score 15.0 /100
Business Model 15.0 /100
- PTT
Total score 15.0 /100
Business Model 15.0 /100
- Petroliam Nasional Bhd (PETRONAS)
Total score 15.0 /100
Business Model 15.0 /100
- Polski Koncern Naftowy Orlen (PKN Orlen)
Total score 15.0 /100
Business Model 15.0 /100
- SK Innovation
Total score 15.0 /100
Business Model 15.0 /100
- Suncor Energy 
Total score 15.0 /100
Business Model 15.0 /100
- Valero Energy
Total score 15.0 /100
Business Model 15.0 /100
- YPF
Total score 15.0 /100
Business Model 15.0 /100
24 China National Petroleum Corporation (CNPC)
Total score 13.8 /100
Business Model 13.8 /100
- OMV
Total score 13.8 /100
Business Model 13.8 /100
26 Santos 
Total score 11.3 /100
Business Model 11.3 /100
27 Bharat Petroleum Corporation
Total score 10.0 /100
Business Model 10.0 /100
- Compania Espanola de Petroleos SAU (CEPSA)
Total score 10.0 /100
Business Model 10.0 /100
- Ecopetrol 
Total score 10.0 /100
Business Model 10.0 /100
- Galp Energia
Total score 10.0 /100
Business Model 10.0 /100
- Gazprom
Total score 10.0 /100
Business Model 10.0 /100
- Hellenic Petroleum
Total score 10.0 /100
Business Model 10.0 /100
- Royal Dutch Shell
Total score 10.0 /100
Business Model 10.0 /100
- Sonatrach
Total score 10.0 /100
Business Model 10.0 /100
- State Oil Company of Azerbaijan Republic (SOCAR)
Total score 10.0 /100
Business Model 10.0 /100
36 Exxon Mobil
Total score 8.8 /100
Business Model 8.8 /100
37 Emirates National Oil Company (ENOC)
Total score 5.0 /100
Business Model 5.0 /100
- GAIL (India)
Total score 5.0 /100
Business Model 5.0 /100
- GS Holdings
Total score 5.0 /100
Business Model 5.0 /100
- Idemitsu Kosan
Total score 5.0 /100
Business Model 5.0 /100
- Indian Oil Corporation (IndianOil)
Total score 5.0 /100
Business Model 5.0 /100
- Kuwait Petroleum Corporation (Q8)
Total score 5.0 /100
Business Model 5.0 /100
- Lukoil
Total score 5.0 /100
Business Model 5.0 /100
- MOL Magyar Olajes Gazipari Nyrt
Total score 5.0 /100
Business Model 5.0 /100
- Oil and Natural Gas Corporation (ONGC)
Total score 5.0 /100
Business Model 5.0 /100
- Phillips 66
Total score 5.0 /100
Business Model 5.0 /100
- Reliance Industries
Total score 5.0 /100
Business Model 5.0 /100
- Sasol
Total score 5.0 /100
Business Model 5.0 /100
- Sonangol
Total score 5.0 /100
Business Model 5.0 /100
50 Inpex 
Total score 3.8 /100
Business Model 3.8 /100
- Petroleo Brasileiro (Petrobras)
Total score 3.8 /100
Business Model 3.8 /100
52 Abu Dhabi National Oil Company (ADNOC)
Total score 0.0 /100
Business Model 0.0 /100
- Ampol Limited
Total score 0.0 /100
Business Model 0.0 /100
- Apache Corporation
Total score 0.0 /100
Business Model 0.0 /100
- Basra Oil Company (BOC)
Total score 0.0 /100
Business Model 0.0 /100
- CPC Corporation, Taiwan
Total score 0.0 /100
Business Model 0.0 /100
- California Resources Corporation
Total score 0.0 /100
Business Model 0.0 /100
- Canadian Natural Resources
Total score 0.0 /100
Business Model 0.0 /100
- Cenovus Energy
Total score 0.0 /100
Business Model 0.0 /100
- Chesapeake Energy Corp
Total score 0.0 /100
Business Model 0.0 /100
- Chevron Corporation
Total score 0.0 /100
Business Model 0.0 /100
- China National Offshore Oil Corporation (CNOOC Group)
Total score 0.0 /100
Business Model 0.0 /100
- ConocoPhillips
Total score 0.0 /100
Business Model 0.0 /100
- Devon Energy Corp
Total score 0.0 /100
Business Model 0.0 /100
- EOG Resources 
Total score 0.0 /100
Business Model 0.0 /100
- Egyptian General Petroleum Corporation (EGPC)
Total score 0.0 /100
Business Model 0.0 /100
- Enterprise Products Partners
Total score 0.0 /100
Business Model 0.0 /100
- Formosa Petrochemical Corp
Total score 0.0 /100
Business Model 0.0 /100
- Hess Corporation
Total score 0.0 /100
Business Model 0.0 /100
- Marathon Oil
Total score 0.0 /100
Business Model 0.0 /100
- Marathon Petroleum Corporation
Total score 0.0 /100
Business Model 0.0 /100
- NGL Energy Partners
Total score 0.0 /100
Business Model 0.0 /100
- NK KazMunayGaz
Total score 0.0 /100
Business Model 0.0 /100
- Naftogaz
Total score 0.0 /100
Business Model 0.0 /100
- National Iranian Oil Company (NIOC)
Total score 0.0 /100
Business Model 0.0 /100
- National Oil Corporation of Libya
Total score 0.0 /100
Business Model 0.0 /100
- Nigerian National Petroleum Corporation (NNPC)
Total score 0.0 /100
Business Model 0.0 /100
- Novatek
Total score 0.0 /100
Business Model 0.0 /100
- Occidental Petroleum
Total score 0.0 /100
Business Model 0.0 /100
- PBF Energy 
Total score 0.0 /100
Business Model 0.0 /100
- PetroSA
Total score 0.0 /100
Business Model 0.0 /100
- Petroecuador
Total score 0.0 /100
Business Model 0.0 /100
- Petroleos Mexicanos (Pemex)
Total score 0.0 /100
Business Model 0.0 /100
- Petroleos de Venezuela (PDVSA)
Total score 0.0 /100
Business Model 0.0 /100
- Petroleum Development Oman (PDO)
Total score 0.0 /100
Business Model 0.0 /100
- Pioneer Natural Resources 
Total score 0.0 /100
Business Model 0.0 /100
- Qatar Petroleum
Total score 0.0 /100
Business Model 0.0 /100
- Rosneft
Total score 0.0 /100
Business Model 0.0 /100
- Saudi Aramco
Total score 0.0 /100
Business Model 0.0 /100
- Shaanxi Yanchang Petroleum Group
Total score 0.0 /100
Business Model 0.0 /100
- Sinochem Energy
Total score 0.0 /100
Business Model 0.0 /100
- Surgutneftegas
Total score 0.0 /100
Business Model 0.0 /100
- Targa Resources
Total score 0.0 /100
Business Model 0.0 /100
- Tatneft
Total score 0.0 /100
Business Model 0.0 /100
- TurkmenGaz
Total score 0.0 /100
Business Model 0.0 /100
- Türkiye Petrol Rafinerileri
Total score 0.0 /100
Business Model 0.0 /100
- Ultrapar
Total score 0.0 /100
Business Model 0.0 /100
- Varo Energy
Total score 0.0 /100
Business Model 0.0 /100
- Viva Energy Group
Total score 0.0 /100
Business Model 0.0 /100
- Woodside Petroleum
Total score 0.0 /100
Business Model 0.0 /100