We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
A subsidiary of Lukoil (Lukoil Neftochim Bourgas) is a Business Member of CEFIC (Up to date as of October 2022)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
A subsidiary of Lukoil (Lukoil Neftochim Bourgas) is a Business Member of CEFIC (Up to date as of October 2022)
not specified
--no extract--
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.
Open PDF file of Data Source
Climate Lobbying Overview: Lukoil appears to have engaged negatively with specific EU climate policies such as the EU Emissions Trading Scheme (ETS) and Carbon Border Adjustment Mechanism (CBAM), and continues to support a continued role for oil and gas in the energy mix. In addition, the company retains membership to a number of industry associations that have lobbied against several EU climate policy streams.
Top-line Messaging on Climate Policy: Lukoil has communicated positively about climate policy in its top-line messaging, albeit with limited engagement. As of March 2022, the company has acknowledged the science of climate change, which is an improvement from its 2019 position where the company appeared to suggest that there is ambiguity in the science of climate change. Lukoil has also stated support for the Paris Agreement goals in its Sustainability Report, published in 2019. However, Lukoil does not appear to have explicitly supported the need for government regulation to respond to climate change, or the need for economy-wise emissions reductions in line with 1.5C or net-zero by 2050. Lukoil has only communicated broad support for increased GHG reductions in its 2021 paper on UN Sustainable Development Goals, while in a 2019 report, it emphasized the risk of energy poverty in responding to climate change.
Engagement with Climate-related Regulations: Lukoil appears to have limited transparent engagement with specific regulations in recent years. Lukoil responded to the consultation on the EU’s Carbon Border Adjustment Mechanism (CBAM) in October 2021. In its response, Lukoil appeared to propose that voluntary emission reductions from offsetting projects that occur outside the EU should be recognized by the EU Emissions Trading Scheme (EU ETS) and be converted to European emission allowances, a move that would undermine the scheme. Additionally, the company advocated for exemptions in the CBAM for companies that have if a company has proved to have offset its emissions.
Lukoil has stated in its 2020 Sustainability Report that it is engaged with policymakers on other issues in Russia, but the company does not give details of its engagement nor the outcomes sought by the company. However, the company gives more details within its 2021 CDP disclosure, where it stated its support with minor exceptions to a Russian cap and trade system until 2025 as well as supporting a guarantee of origin scheme for renewable energy in Russia.
Positioning on Energy Transition: Lukoil appears to support a continued role for fossil fuels in the energy mix. In a Lukoil earnings call in March 2021, a company representative stated that fossil fuels will not be fully discontinued and that new investments are needed in the oil industry, and also emphasized the risk of phasing-out fossil fuels in the short term. In a March 2021 report, Lukoil CEO Vagit Alekperov stated that the ambition to phase out fossil fuels is increasing the risk of price shocks and energy shortages. On policy related to the energy mix, Lukoil disclosed in its 2021 CDP response that it supported Russia’s green taxonomy with major exceptions, stating that the principle of technological neutrality should be followed.
Industry Association Governance: In its 2021 CDP disclosure, Lukoil only disclosed its engagement with two associations, i.e. the Russian Union of Industrialists and Entrepreneurs and the Russian Chamber of Industry and Commerce. Its 2021 Sustainability Report contains a list of its industry association memberships, with no further details on the climate policy positions of these associations and how Lukoil is influencing these positions. The company has not published a review of its alignment with industry associations on climate policy. Lukoil is a partner company of BusinessEurope and a member of FuelsEurope; both associations have lobbied against EU climate policies.
Additional Note: Lukoil is headquartered in Russia, where InfluenceMap’s LobbyMap platform can currently only make a provisional assessment of corporate climate policy engagement, due to limited capability to access publicly available data on this issue. As it is possible that InfluenceMap is not yet able to fully capture evidence of Lukoil's climate policy engagement activities, these scores should be considered provisional at this time.