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)
Targa Resources is 1 of more than 100 members of the American Petroleum Institute.
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Targa Resources is 1 of more than 100 members of the American Petroleum Institute.
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: Targa Resources (hereafter Targa) has low levels of engagement with climate-related policy and holds broadly negative positions. Targa has been particularly vocal in its support for the continued use of fossil gas on the basis of it being ‘low-carbon’. Targa also retains membership of industry associations which lobby negatively against climate change policies, including the American Petroleum Institute.
Top-line Messaging on Climate Policy: Targa appears to have limited top-line communications on climate policy. In its February 2022 annual SEC Filing, the organization recognized some of the science of climate change. In this report, the organization also acknowledged the costs associated with increasing attention to climate change, but did not take a position on the need for economy-wide GHG emissions reductions or the need for climate policy. In the same report, Targa acknowledged, but did not take a clear position on, the Paris Agreement.
Engagement with Climate-Related Regulations: Targa has limited engagement on climate-related regulation. In an annual SEC Filing published in February 2022, the entity acknowledged that an increase in regulation limiting GHG emissions would have an adverse impact on its revenues, but did not take a clear position on such policies. In lobbying disclosures from October 2022, the organization documented its engagement with legislation relating to carbon capture and limits on GHG emissions, but did not disclose its position.
Positioning on Energy Transition: Targa takes a negative position on the energy transition, appearing to support the long-term use of fossil fuels contrary to IPCC guidance. In a Sustainability Report published in October 2022, Targa upheld fossil gas as being important to tackling climate change on the basis that it is ‘low carbon’, but did not place clear conditions on the need for carbon capture and storage (CCS) or methane emission abatement. This line was consistently held across Targa’s media engagements, such as in a CEO letter published in February 2022, and in various investor presentations, the most recent of which were published in January 2023 and December 2022.
Industry Association Governance: Targa disclosed membership of a number of industry associations through its 2021 Sustainability Report, but failed to disclose any further details as to the type of membership and/or role held within these industry associations. The company has not published an audit of its industry association memberships and climate lobbying. Targa is a member of the American Petroleum Institute(API) which is actively and negatively engaged on climate policy.