A New Tool to Move Finance Out of Fossil Fuels
The latest report from the Intergovernmental Panel on Climate Change (IPCC) warns that we will lose the battle for our climate, unless emissions from fossil fuels are radically reduced within this decade. Yet, oil & gas companies are still exploring and developing new reserves all over the world, building new oil & gas pipelines and investing trillions of dollars in projects that will lock in high emissions for decades to come.
The finance industry plays a key role in this crisis. Behind each company planning new oil & gas ventures, there are banks, investors and insurers without whom these projects could not be realized. The Global Oil & Gas Exit List (GOGEL) is a public database that identifies the largest oil & gas expansionists and the companies responsible for the most controversial forms of oil & gas production. It provides the information financial institutions need to stop enabling fossil fuel expansion and begin steering towards an oil & gas exit.
GOGEL was designed to help financial institutions become responsible climate actors. It provides detailed information on 887 companies operating in the upstream and/or midstream sectors of the oil & gas industry. GOGEL will be updated each fall.
The data provided by GOGEL enables financial institutions to determine which companies:
- have the largest annual hydrocarbons production,
- have the highest share of unconventional oil & gas production,
- have the highest oil & gas exploration capex,
- have the biggest upstream expansion plans over the next years,
- have the highest share of unconventional oil & gas expansion,
- are the biggest developers of new oil & gas pipelines,
- are the biggest developers of new LNG terminal capacity,
- are involved in reputational risk projects.
“This is the database we have all been waiting for. It is public, it is meticulously researched and it is an essential tool to help us end the age of fossil fuels.”
Tom Kruse, Rockefeller Brothers Fund
This preview shows a selection of data points for 11 companies. The complete list contains more data points, like additional unconventional categories and fossil fuel share of revenue.
|Company||HQ country||Hydrocarbons Production 2020||Fracking||Tar Sands||Arctic||Short-term Expansion||Unconventional Expansion||Reputational Risks Project Names|
|Saudi Arabian Oil Company (Saudi Aramco)||Saudi Arabia||4396||0.5 %||0.0 %||0.0 %||15186||2.6 %|
|PJSC Gazprom||Russia||3404||0.0 %||0.0 %||74.1 %||16656||52.5 %|
|PetroChina Company Ltd||China||1894||15.5 %||0.2 %||0.0 %||1567||81.6 %|
|Exxon Mobil Corporation||USA||1576||21.9 %||7.3 %||2.5 %||7387||73.0 %|
|TotalEnergies SE||France||1023||5.8 %||2.9 %||5.0 %||4305||32.1 %|
|Petróleo Brasileiro SA – Petrobras||Brazil||923||0.2 %||0.0 %||0.0 %||7196||79.9 %|
|Equinor ASA||Norway||741||12.5 %||0.0 %||20.1 %||2676||65.0 %|
|Canadian Natural Resources Ltd (CNRL)||Canada||425||9.3 %||57.5 %||0.0 %||344||100.0 %|
|EQT Corporation||USA||292||99.9 %||0.0 %||0.0 %||2387||100.0 %|
|Wintershall Dea GmbH||Germany||229||1.5 %||0.0 %||54.7 %||476||26.1 %|
|Santos Ltd||Australia||105||0.0 %||0.0 %||0.0 %||476||3.3 %|
Note: Hydrocarbons production and short-term expansion in mmboe
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We provide a special version of GOGEL with common financial identifiers (ISIN, Bloomberg Ticker, etc.) on request. We also offer financial institutions in-depth webinars on the list and are happy to answer questions or provide policy advice.
Find out what GOGEL is and why we need it in this short video.