Scored evidence collected on an entity's engagement with land-use and circular economy policy will now be fully weighted into the final calculations for each entity's metrics. This follows a two year process where InfluenceMap has evolved its methodology to collect evidence on corporate and industry engagement with these key areas of climate-related policy.
We have strengthened the algorithm for discounting the impact older evidence on an organization's top-line metrics. Evidence from within the last two years is weighted the strongest and then gradually weighted out of the scoring calculations as it gets older. All evidence that is 5 years or older is completely removed from the scoring calculations. Users will still be able to view older evidence items that are archived the scoring matrix below, but these will not be impacting the organization's current scores.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Climate Policy Engagement Overview: BP is strategically engaged across multiple climate and energy policies globally. BP’s top line statements on climate change appear to be largely positive. The company is highly engaged with climate-related policies; however, the company appears to support a continued role for fossil fuels in the energy mix.
Top-line Messaging on Climate Policy: BP supports climate action in its top-line messaging. In its May 2023 Climate Policy Positions disclosure, BP stated support for the Paris Agreement, adding that it supports ambitious Nationally Determined Contributions (NDCs) being set ahead of COP28. In the same disclosure, the company also stated support for efforts to limit the global temperature increase to 1.5°C and for government regulation to respond to climate change, but stating that such efforts should not hinder security or affordability.
Engagement with Climate-Related Regulations: BP is highly engaged with climate-related regulations. BP appears to support certain policies related to carbon taxation, for example in its May 2023 climate policy positions document, it stated support for a carbon price. It also stated support for the use of emissions trading. For example, BP supported an increase in the stringency of the EU Emissions Trading Scheme post-2030 in a June 2023 consultation submission, while in September 2022, BP appeared to support the reform of the Safeguard Mechanism in Australia, including improving the ambition of the policy and the creation of a cap-and-trade scheme.
The company appears to support renewable energy targets, but its position on renewable energy legislation appears to be more mixed. For example, it stated support for the Biden administration's 2030 offshore wind energy target in a February 2024 consultation response, but appeared to not fully support the EU’s Renewable Energy Directive by advocating for the inclusion of ‘low carbon fuels’ in a June 2023 consultation response.
Regarding greenhouse gas (GHG) regulations, also in its May 2023 climate policy positions document, BP states support for well-designed standards to reduce GHG emissions, adding to its support for federal methane regulations in the US. Despite this, in the US, BP’s support for the EPA’s proposed methane rules in February 2023 placed caveats. While it supported direct regulation of methane and efforts to eliminate routine flaring, it also does not appear to support monitoring requirements. BP also did not support a proposed oil and gas emissions cap in Canada in February 2024 comments. Nevertheless, the company appears to be supportive of GHG emissions standards for transport, with the company stating support for vehicle efficiency standards in Australia in a March 2024 consultation submission and a Clean Fuel Standard in New York State, in May 2024 comments.
Positioning on Energy Transition: While BP appears to message positively surrounding the energy transition and the decarbonization of transport, it continues to support new investment in fossil fuels. In its May 2023 climate policy positions document, BP stated that it believes that ‘the energy transition must include increasing supplies of low carbon and renewable electricity’. However, the company also supported the continued role of fossil gas in the energy mix in its 2022 sustainability report, published in May 2023. Additionally, in an October 2022 response to policymakers in the US, BP advocated for further oil and gas leases in the Gulf of Mexico and also promoted the role of fossil gas in its response to the National Environmental Policy Act in August 2023. In its May 2023 comments on Scotland’s Draft Energy Strategy and Just Transition Plan, BP stated support for the transition to renewable energy, but also that it sees “opportunity in the North Sea to develop existing and new lower emission oil and gas projects” in the same response.
BP stated that it believes hydrogen is critical to help the world achieve net-zero in its 2023 climate policy position document. However, it appears to oppose policies which aims to ensure that renewable hydrogen uptake does not cause unintended consequences. The company opposed the proposed IRS 45V Clean Hydrogen Tax Credit, specifically the requirements on additionality and temporal and spatial matching in its February 2024 comments. This follows the company’s inclusion in a joint letter to policymakers in Illinois in May 2023 which advocated a similar position.
BP appears to support the decarbonization of transport; however, it advocates for policies to be technologically neutral. In May 2023, BP submitted a response to the UK government's Zero Emission Vehicle mandate, in which it supported the policy while advocating for a technology-neutral approach to decarbonize heavy-duty vehicles. In an October 2022 consultation response, BP supported government investments to advance EV's in Australia, but advocating for a technology-neutral approach over the complete electrification of light-duty vehicles.
Industry Association Governance: In April 2023, BP released a progress update based on its 2022 association review, in which it gives details of any misalignment on climate change policy with industry associations it holds a membership with. However, BP only disclosed details of its influence with associations it found to be ‘partially aligned’, with no details given on memberships it has found to be ‘aligned’, and excluded 26 industry associations which are actively engaged on climate-related policy. BP outlined its ongoing engagement with four 'partially aligned' associations that are covered by InfluenceMap, including the American Petroleum Institute, National Association of Manufacturers, the US Chamber of Commerce and Business Leadership South Africa.
A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information, see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q3 2024.