Aligned with its mission to provide financial institutions with comparable and transparent data on the highest polluting sectors, Asset Impact is delighted to announce it now covers 85% of the Oil and Gas (O&G) sector.
Asset Impact has expanded its data coverage of the O&G sector by adding downstream oil refining. The downstream O&G sector, which includes activities like refining crude oil into consumable products such as jet fuel and gasoline, is responsible for almost a quarter of Scope 1 and 2 emissions in the O&G value chain. Consequently, the International Energy Agency (IEA) identifies the decarbonization of downstream O&G as a crucial step towards achieving global net zero by 2050.
Our new downstream indicators provide data from 850 oil refineries, representing 98% of global throughput capacity. These assets are linked to 762 listed and unlisted companies and securities. Offering maximum flexibility, our indicators include refinery throughputs by process (hydro skimming, medium, and deep conversion) as well as scope 1, 2, and 3 emissions in CO2 equivalent. Our data is in alignment with the Net-Zero Banking Alliance (NZBA) requirements, detailing emissions and emission intensities and forward-looking targets. It also encompasses refining companies as mandated by the Science-Based Targets initiative (SBTi).
The downstream O&G sector coupled with our existing upstream indicators, means Asset Impact now provides asset-based climate and activity data for over 85% of the total scope 1 & 2 emissions from the O&G sector. In the coming months, we will also release our updated O&G upstream emissions model with a special focus on methane emissions. Later this year we will add midstream O&G pipelines to offer complete coverage of the O&G sector.
“Reputation, regulation and responsibility are driving financial institutions to ensure their oil and gas lending portfolios are on the narrow path to limit global warming to 1.5 °C. We are proud to be providing financial institutions with a plug-and-play solution that can help them look across the oil and gas value chain at the key sources of emissions". Vincent Jerosch-Herold, CPO, Asset Impact
Insights to impact
The visualizations below show the global scope 1 and 2 emissions hotspots for oil refining and a forward-looking trajectory of emissions by region using Asset Impact’s data. Key to note is the concentration of emissions in China and the United States and the broad stability of emissions in each region around the world until 2028. This demonstrates how banks can use our indicators to identify high-level trends and insights regarding the energy transition as well as to analyse their own portfolios.
Adding downstream oil and gas to Asset Impact’s existing offering brings the sectors covered to 11 equalling approximately 76% of global emissions. Our expanding data equips financial institutions and asset owners with necessary and transparent climate and finance indicators of roughly 66,000 companies and well over a quarter-million physical assets in the most carbon-intensive sectors.
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