What is the Oil and Gas Policy Tracker?

More and more banks, insurers and investors are implementing policies to restrict support to the oil and gas industry. But are these policies robust enough?

The Oil and Gas Policy Tracker is designed to track good practices by financial institutions worldwide, as well as detect loopholes and flaws to ensure the financial sector is effectively contributing to the 1.5°C climate goal. Play with the filters to select the financial institutions of your choice and easily compare them!

The Tracker was last updated on : October 27th 2022.

This financial institution has one of the best practices with the adoption of a robust oil and gas policy.

NA The criteria does not apply to this type of financial institution.

Reclaim Finance could not give a definite score and have contacted the financial institution for clarification.

This financial institution has informed Reclaim Finance that it is working on a new policy which is expected to be published soon.

How to read your results

This criterion rates the immediate exclusion of oil and gas projects.

Grade Projects
0 No public policy
1 Exclusion of financial services dedicated to upstream projects in 1 unconventional sector*.
2 Exclusion of financial services dedicated to upstream projects in 2 unconventional sectors*.
OR Exclusion of financial services dedicated to oil and gas field exploration projects.
OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 1 unconventional sector*.
3 Exclusion of financial services dedicated to upstream projects in 3 unconventional sectors*.
OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 2 unconventional sectors*.
4 Exclusion of financial services dedicated to all unconventional* oil AND gas upstream projects.
OR Exclusion of some conventional and unconventional oil AND/OR gas projects: geographic disparities, potentially large exceptions, partial value chain, new fields only.
OR Exclusion of financial services dedicated to upstream and midstream (infrastructure exclusively or mostly dedicated to unconventional) projects in 3 unconventional sectors*.
5 Exclusion of financial services dedicated to all unconventional* oil and gas upstream and midstream projects.
OR Exclusion of financial services dedicated to upstream oil OR gas projects.
6 Exclusion of financial services dedicated to oil and gas upstream projects.
OR Exclusion of financial services dedicated to oil OR gas upstream and midstream projects.
7 Exclusion of financial services dedicated to oil and gas projects: upstream projects and midstream projects with minimal exceptions.
8 Exclusion of financial services dedicated to oil and gas projects: upstream projects and midstream projects.
9 Exclusion of financial services dedicated to oil and gas projects: upstream projects, midstream projects, refineries, some oil-fired power plants and some gas power plant.
10 Exclusion of financial services dedicated to oil and gas projects: upstream projects, midstream projects, refineries, oil-fired power plants and gas power plants.

*Our assessment considers the following 4 unconventional sectors: Arctic oil and gas, shale oil and gas, tar sands, ultra-deep water oil and gas activities.

  • Bonus +1 when petrochemical projects – or other oil and gas downstream projects – are excluded
  • Bonus +1 when another unconventional sector (except the 4 defined in the OGPT) such as extra heavy oil, coal to liquids, coal to gas, coalbed methane, etc. is completeley excluded (upstream and midstream)
  • Penalty -1 when the exclusion of unconventional projects is linked to the company involvment in oil and gas activities.
  • Penalty -1 when the exclusion is limited to a restricted geographical scope (e.g. limited/no definition of the Arctic region, offshore or onshore…).
  • Penalty -1 when the exclusion of upstream activities is limited to the exclusion of exploration projects in the unconventional sub-sectors.
  • Penalty -1 when the exclusion of an unconventional sector is limited to oil OR gas.
  • Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
  • Penalty -1 when the policy is not applied to all assets/financial services.
  • Penalty -1 when refinancing an existing project is still possible.
  • Penalties do not apply below score 1.
  • The total penalties in a sector cannot exceed the number of points earned by the financial institution regarding this specific sector.

This criterion rates the exclusion of companies with oil and gas expansion plans.

Grade EXPANSION COMPANIES
0 No public policy.
OR The policy does not explicitly mention the exclusion of companies with expansion plans.
1 Exclusion of companies accounting for at least 10% of global resources under development.
OR Weak exclusion of companies with oil and gas expansion plans (no details provided, large exceptions, only for new clients, indirect* exclusion of companies with expansion plans accounting for at least 25% of global resources under development, etc.).
2 Exclusion of companies accounting for at least 20% of global resources under development.
OR Indirect* exclusion of companies with oil and gas expansion plans accounting for at least 50% of global resources under development.
3 Exclusion of companies accounting for at least 30% of global resources under development.
4 Exclusion of companies accounting for at least 40% of global resources under development.
5 Exclusion of companies accounting for at least 50% of global resources under development.
OR Exclusion of all companies developing pipelines and LNG terminals.
6 Exclusion of companies accounting for at least 60% of global resources under development.
7 Exclusion of companies accounting for at least 70% of global resources under development.
8 Exclusion of companies accounting for at least 80% of global resources under development & some pipelines and LNG terminals under development.
9 Exclusion of companies accounting for at least 90% of global resources under development & many pipelines and LNG terminals under development.
10 Exclusion of 100% of the companies with upstream and/or midstream expansion plans.
OR Exclusion of all companies listed in the Global Oil & Gas Exit List.
To be evaluated on this criterion, the policy must explicitly mention the exclusion of companies with expansion plans.
Only support for companies with expansion plans is considered; support at the project level is addressed in the ‘Projects’ criterion.
*By indirect exclusion, we refer to diversification plans or the exclusion of some expansion companies but no explicit mention of oil and gas development
  • Reclaim Finance will assess each policy on oil and gas expansion based on the Global Oil & Gas Exit List. We will contact each financial institution in order to get precise information. If there are any doubts, we reserve the right to apply the following penalties:
  • Penalty -1 when the exclusion does not cover companies that plan to develop new oil and gas capacity through the purchase of existing oil and gas assets without a clear commitment to close or sell them.
  • Penalty -1 when the policy is not applied to all assets/financial services.
  • Penalty -1 when bonds are not sold or when it only concerns new coverage/investments.
  • Penalty -1 when the exclusion is limited to offshore OR onshore activities.
  • Penalty -1 when the exclusion is limited on a specific geographic scope (e.g. limited definition of the Arctic region).
  • Penalty -1 when the exclusion is limited to oil OR gas.
  • Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
  • Penalties do not apply below score 1 and apply only if the initial calculation of excluded expansion plans does not already take this information into account.

This criterion rates the quality of oil and gas phase-out commitments (considering both long-term commitments and immediate exclusion criteria).

Grade PHASE OUT
0 Has not announced an oil AND/OR gas phase-out.
1 Has announced a phase-out strategy from at least 1 unconventional sector for oil and gas upstream AND midstream activities by 2040 at the latest.
OR  Has announced an incomplete phase-out strategy from oil and gas not aligned with principles of equity and a 1.5°C timeline.
2 Has announced a phase-out strategy from 1 unconventional sector for oil and gas upstream AND midstream activities by 2030.
3 Has announced a phase-out strategy from 2 unconventional sectors for oil and gas upstream AND midstream activities by 2030.
OR has announced an incomplete phase-out strategy from oil and gas aligned with principles of equity and a 1.5°C timeline.
4 Has announced a phase-out strategy from 3 unconventional sectors for oil and gas upstream AND midstream activities by 2030.
OR has announced a phase-out strategy from oil OR gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline.
OR has adopted restrictive exclusion criteria (exclusion of companies with an oil and gas production >500mmboe) regarding oil AND gas upstream activities.
5 Has announced a phase-out strategy from all unconventional oil AND gas upstream AND midstream activities by 2030 ; exclusion of some companies with unconventional oil and gas expansion plans.
6 Has announced a phase-out strategy from oil OR gas upstream OR midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans.
OR  Has announced phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline.
OR  Has adopted very restrictive exclusion criteria (exclusion of companies with an oil and gas production >100mmboe) that imply an almost immediate full phase out from oil AND gas upstream activities.
7 Has announced a phase-out strategy from oil OR gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans.
OR Has announced a phase-out strategy from oil AND gas upstream OR midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of some companies with unconventional oil and gas expansion plans.
OR  Has adopted very restrictive exclusion criteria (exclusion of companies >5% of fossil share of revenue) that imply an almost immediate full phase out from oil AND gas upstream and midstream activities.
8 Has announced a phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with unconventional oil and gas expansion plans.
OR  Has announced a complete phase-out strategy from oil AND gas aligned with principles of equity and a 1.5°C timeline ; exclusion of all companies with expansion plans.
9 Has announced a phase-out strategy from oil AND gas upstream and midstream activities aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with expansion plans ; demand of an exit plan.
10 Has announced a complete phase-out strategy from oil AND gas aligned with principles of equity and a 1.5°C timeline, with an intermediate date of 2030 for all unconventional oil AND gas ; exclusion of all companies with expansion plans ; demand of a closure plan and exclusion process if companies fail to adopt a closure plan.
  • Penalty -1 if phase-out commitment from unconventional sectors apply between 2031 and 2040. Phase-out after 2040 for unconventional sectors are not considered.
  • Penalty -1 if phase-out commitment applies only partially along the value chain ; applying only to unconventional sectors.
  • Penalty -1 when exceptions are minimal, -2 when exceptions are significant.
  • Penalty -2 if phase-out commitment only covering lending and not underwriting or only a small part of the assets owned/managed.
  • Penalty -1 if phase-out commitment applies only to new financing/coverage and not existing financing/coverage.
  • Penalty -2 if commitment only applies to financed companies and not to the financial player itself.
  • Penalty -2 if financial services dedicated to oil or gas projects are still allowed.
  • Penalties do not apply below score 1.
  • The total penalties in a sector cannot exceed the number of points earned by the financial institution regarding this specific sector.
This criterion rates policies by sector taking into account exclusion at the project level, exclusion of companies with expansion plans, companies above a certain relative or absolute threshold and a phase-out strategy for the sector.

Our assessment considers the following 4 unconventional sectors: Arctic oil and gas, shale oil and gas, tar sands, ultra-deep water activities.

Grade UNCONVENTIONAL SECTOR POLICY
No public policy regarding this sector.
Very partial exclusion of oil AND/OR gas activities in this sector: relative or absolute threshold too high, phase-out date too far away, no exclusion of companies with expansion plans and limited exclusion of projects in this sector, etc.
One of the following four conditions:

  1. Exclusion threshold below 10% of revenues or any equivalent cumulative threshold for upstream AND midstream activities in this sector;
  2. Exclusion threshold below 20% of reserves or production or any equivalent cumulative threshold for upstream activities in this sector;
  3. Complete exclusion of financial services dedicated to upstream AND midstream projects in this sector;
  4. Explicit partial exclusion of companies planning to develop new oil and/or gas capacity in this sector.

OR  has announced a phase-out strategy from oil and gas upstream OR midstream activities in this sector by 2030 AND one of the following two conditions:

  1. Has adopted at least a relative exclusion threshold;
  2. Partial exclusion of projects in this sector.
Two of the following three conditions:

  1. Exclusion of some companies planning to develop new oil AND gas capacity in this sector;
  2. Has announced a phase-out strategy from oil and gas upstream AND midstream activities in this sector by 2030;
  3. Exclusion threshold below 10% of reserves or production or any equivalent cumulative threshold for upstream activities in this sector.

AND For relevant financial institutions, exclusion of financial services dedicated to upstream and midstream projects in this sector.
AND Has adopted an exhaustive definition of the Arctic area: AMAP* definition or another definition covering at least 75% of the AMAP region.
OR Exclusion of all companies planning to develop new upstream oil AND gas capacity in all unconventional sectors according to the Global Oil and Gas Exit List or any equivalent database

Exclusion of all companies planning to develop new oil AND gas capacity in this sector : upstream AND midstream.
AND Has announced a phase-out strategy from oil and gas upstream and midstream activities in this sector by 2030.
AND For relevant financial institutions, exclusion of financial services dedicated to upstream and midstream projects in this sector.
AND Has adopted an exhaustive definition of the Arctic area: AMAP* definition or equivalent in terms of geographical coverage.


* Scope defined and used by the Arctic Monitoring Assessment Programme (AMAP).
Penalties of projects, expansion and phase-out criteria will be taken into account and could lead to the downgrading of the financial institution in the concerned sector.

Read more about the methodology

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