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.

2. Business activities that contribute to the reduction of energy demand.

3. Business activities that develop carbon capture and storage (CCS); carbon capture, use and storage (CCUS) and negative emissions technologies (NETs).

Ranking overview

1 ENGIE
Total score 53.8 /100
Business model 53.8 /100
2 Eni
Total score 40.6 /100
Business model 40.6 /100
3 Naturgy Energy
Total score 35.0 /100
Business model 35.0 /100
- Neste
Total score 35.0 /100
Business model 35.0 /100
- Origin Energy
Total score 35.0 /100
Business model 35.0 /100
6 China National Petroleum
Total score 31.3 /100
Business model 31.3 /100
7 Galp Energia
Total score 30.0 /100
Business model 30.0 /100
8 TotalEnergies
Total score 29.4 /100
Business model 29.4 /100
9 Shell
Total score 29.4 /100
Business model 29.4 /100
10 Chevron
Total score 27.5 /100
Business model 27.5 /100
11 SK Innovation
Total score 26.3 /100
Business model 26.3 /100
12 Equinor
Total score 23.1 /100
Business model 23.1 /100
13 PETRONAS
Total score 21.3 /100
Business model 21.3 /100
- Santos
Total score 21.3 /100
Business model 21.3 /100
15 Saudi Aramco
Total score 20.6 /100
Business model 20.6 /100
16 Central Energy Fund
Total score 20.0 /100
Business model 20.0 /100
- China Petroleum and Chemical Corporation Limited (Sinopec)
Total score 20.0 /100
Business model 20.0 /100
- Repsol
Total score 20.0 /100
Business model 20.0 /100
- Saras
Total score 20.0 /100
Business model 20.0 /100
- Suncor Energy
Total score 20.0 /100
Business model 20.0 /100
21 Cosmo Energy
Total score 19.4 /100
Business model 19.4 /100
22 PKN Orlen
Total score 18.8 /100
Business model 18.8 /100
23 PTT
Total score 15.6 /100
Business model 15.6 /100
24 Abu Dhabi National Oil Company
Total score 15.0 /100
Business model 15.0 /100
- GAIL (India)
Total score 15.0 /100
Business model 15.0 /100
- GS Holdings
Total score 15.0 /100
Business model 15.0 /100
- Helleniq Energy
Total score 15.0 /100
Business model 15.0 /100
- MOL Magyar Olajes Gazipari Nyrt
Total score 15.0 /100
Business model 15.0 /100
- Oil and Natural Gas Corporation
Total score 15.0 /100
Business model 15.0 /100
- bp
Total score 15.0 /100
Business model 15.0 /100
31 Exxon Mobil
Total score 13.8 /100
Business model 13.8 /100
- Idemitsu Kosan
Total score 13.8 /100
Business model 13.8 /100
- Inpex
Total score 13.8 /100
Business model 13.8 /100
34 ENEOS
Total score 12.5 /100
Business model 12.5 /100
- Marathon Petroleum
Total score 12.5 /100
Business model 12.5 /100
- Valero Energy
Total score 12.5 /100
Business model 12.5 /100
- YPF
Total score 12.5 /100
Business model 12.5 /100
38 Occidental Petroleum
Total score 11.3 /100
Business model 11.3 /100
- Phillips 66
Total score 11.3 /100
Business model 11.3 /100
- QatarEnergy
Total score 11.3 /100
Business model 11.3 /100
41 CPC
Total score 10.0 /100
Business model 10.0 /100
- Compania Espanola de Petroleos (CEPSA)
Total score 10.0 /100
Business model 10.0 /100
- Ecopetrol
Total score 10.0 /100
Business model 10.0 /100
- Naftogaz
Total score 10.0 /100
Business model 10.0 /100
- Reliance Industries
Total score 10.0 /100
Business model 10.0 /100
- Sasol
Total score 10.0 /100
Business model 10.0 /100
- Sonatrach
Total score 10.0 /100
Business model 10.0 /100
48 Cenovus Energy
Total score 9.4 /100
Business model 9.4 /100
49 OMV
Total score 8.8 /100
Business model 8.8 /100
50 Ampol
Total score 7.5 /100
Business model 7.5 /100
- Bharat Petroleum
Total score 7.5 /100
Business model 7.5 /100
- Kuwait Petroleum Corporation
Total score 7.5 /100
Business model 7.5 /100
- Lukoil
Total score 7.5 /100
Business model 7.5 /100
- PBF Energy
Total score 7.5 /100
Business model 7.5 /100
- Pertamina
Total score 7.5 /100
Business model 7.5 /100
- Türkiye Petrol Rafinerileri
Total score 7.5 /100
Business model 7.5 /100
57 California Resources Corporation
Total score 5.6 /100
Business model 5.6 /100
58 Woodside Energy
Total score 5.0 /100
Business model 5.0 /100
59 China National Offshore Oil
Total score 5.0 /100
Business model 5.0 /100
- Emirates National Oil Company
Total score 5.0 /100
Business model 5.0 /100
- Sonangol
Total score 5.0 /100
Business model 5.0 /100
- Ultrapar
Total score 5.0 /100
Business model 5.0 /100
63 Novatek
Total score 3.8 /100
Business model 3.8 /100
64 Viva Energy
Total score 2.5 /100
Business model 2.5 /100
65 Petroleum Development Oman
Total score 2.5 /100
Business model 2.5 /100
66 APA Corporation
Total score 0.0 /100
Business model 0.0 /100
- Basra Oil Company
Total score 0.0 /100
Business model 0.0 /100
- Canadian Natural Resources
Total score 0.0 /100
Business model 0.0 /100
- Chesapeake Energy
Total score 0.0 /100
Business model 0.0 /100
- ConocoPhillips
Total score 0.0 /100
Business model 0.0 /100
- Devon Energy
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
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
Total score 0.0 /100
Business model 0.0 /100
- Gazprom
Total score 0.0 /100
Business model 0.0 /100
- HF Sinclair
Total score 0.0 /100
Business model 0.0 /100
- Hess
Total score 0.0 /100
Business model 0.0 /100
- IndianOil
Total score 0.0 /100
Business model 0.0 /100
- KazMunayGas
Total score 0.0 /100
Business model 0.0 /100
- Marathon Oil
Total score 0.0 /100
Business model 0.0 /100
- NGL Energy Partners
Total score 0.0 /100
Business model 0.0 /100
- National Iranian Oil Company
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
Total score 0.0 /100
Business model 0.0 /100
- Pemex
Total score 0.0 /100
Business model 0.0 /100
- Petrobras
Total score 0.0 /100
Business model 0.0 /100
- Petroecuador
Total score 0.0 /100
Business model 0.0 /100
- Petroleos de Venezuela
Total score 0.0 /100
Business model 0.0 /100
- Pioneer Natural Resources
Total score 0.0 /100
Business model 0.0 /100
- Rosneft
Total score 0.0 /100
Business model 0.0 /100
- SOCAR
Total score 0.0 /100
Business model 0.0 /100
- Shaanxi Yanchang Petroleum
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
- Varo Energy
Total score 0.0 /100
Business model 0.0 /100