Oil and Gas Benchmark

WBA’s Climate and Energy Benchmark of the oil and gas sector 2023 measures and ranks the world’s 100 influential oil and gas companies on their low-carbon transition for the second time since the first benchmark in 2021.  

This second iteration combines the ACT Oil and Gas and just transition methodologies to provide an overall score and ranking. By considering social and decarbonisation issues together, the benchmark mobilises stronger action needed to hold companies accountable on contributing towards a low-carbon transition that leaves no one behind.  

The benchmark, developed in partnership with CDP, assesses 100 oil and gas companies. The companies’ targets and performance are assessed against their 1.5°C (2.7°F) pathways to see if they are on track to meet the Paris Agreement goals. Oil and gas operations account for around 15% of total energy-related emissions globally (5.1 gigatonnes of CO2 equivalent in 2022), while the use of oil and gas products results in another 40% of emissions (IEA, 2022). It is clear that this sector’s role is pivotal to limit global warming, and therefore companies must act immediately towards a just, low carbon transition. 

Our Climate and Energy Benchmark will cover rankings of 450 of the world’s most influential, companies in high-emitting sectors including automotive, electric utilities, oil and gas, transport, real estate and buildings development/construction, and heavy industries. These sector benchmarks will be regularly updated.  

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About our partners

About CDP: CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 590 investors with over $110 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 10,000 organizations around the world disclosed data through CDP in 2020, including more than 9,600 companies worth over 50% of global market capitalization, and over 940 cities, states and regions, representing a combined population of over 810 million. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.

About ADEME:  ADEME – the French Agency for Ecological Transition is proactively engaged in climate change mitigation and adaptation as well as resources deterioration prevention. We involve citizens, the private sector and local authorities, by giving them the means to progress towards a low carbon, more frugal, just and harmonious society. We advise, facilitate and support with projects funding, from research to solutions transfer, in all areas from energy, air quality, circular economy, waste, etc. We provide expertise and prospective advisory services to government bodies and the public at large, to enable them to establish and consolidate their environmental action. Click here for more.

About ACT:  ACT is a joint voluntary initiative recognised by the UNFCCC secretariat Global Climate Agenda and supported by the French government. It aims at driving companies’ climate actions to align their strategies with low-carbon pathways. ACT provides an accountability framework to assess how companies’ strategies and transition plans contribute to the Paris Agreement mitigation goals. ACT takes an integrated and forward-looking approach to measure quantitatively and qualitatively decarbonisation performance across the past, present and future focusing on the major emissions sources in the business value chain. Publicly available assessment methodologies are sector specific responding to each sector’s own transition challenges. A complementary method that equips less mature businesses to develop robust low carbon strategies and implement relevant transition plans. Click here for more.

Press Release

Please find below the links to download the full press release along with supporting images below.


Press release