Climate: Nordea Asset Management, engaging on methane
Nordea Asset Management continued to lead a collaboration with selected partners and clients in 2023, engaging 63 oil and gas, midstream and utilities companies on the disclosure and mitigation of their methane emissions. Methane is a powerful greenhouse gas, estimated to be contributing to 25% of global warming today. Nine companies in the engagement group joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0) in 2023: Aker BP, Coterra Energy, Chesapeake Energy, Diamondback Energy, EOG Resources, INPEX, KazMuynayGas, Petrobras and PPT E&P. Equinor and Pioneer Natural Resources achieved the OGMP 2.0 Gold Standard in 2023 on the basis of credible implementation plans.
Following investor meetings in Houston and in significant reversals Exxon Mobil and Chevron joined the OGMP 2.0 in the first quarter of 2024. The success of the collaborative engagement was recognised by Environmental Finance Magazine with the award “Global pollution reduction initiative of the year”. The priorities for 2024 are to expand OGMP 2.0 membership among midstream and utilities companies, national oil companies and operators in the Permian basin and Canada. The engagement will also collaborate with the Environmental Defense Fund’s MethaneSAT initiative on strengthening methane data and analytics for investors.
At the time of publication (May 2024);
Diamondback Energy were held in our Passive Developed Equities and Passive Smart Beta Equities portfolios, Coterra Energy were held in our Passive Developed Equities portfolio, Aker BP were held in our Passive Developed Equities portfolio, EOG Resources were held in our Passive Developed Equities, Carbon Transition Benchmark (CTB) Passive Global Equities and Passive Smart Beta Equities portfolios, INPEX were held in our Passive Developed Equities portfolio, Petrobras were held in our Emerging Markets portfolio, Equinor were held in our Passive Developed Equities and Passive Smart Beta Equities portfolios, Pioneer Natural Resources were held in our Passive Developed Equities, Carbon Transition Benchmark (CTB) Passive Global Equities and Passive Smart Beta Equities portfolios, Exxon Mobil were held in our Passive Developed Equities, Carbon Transition Benchmark (CTB) Passive Global Equities and Passive Smart Beta Equities portfolios, Chevron were held in our low Volatility Global Equity, Passive Developed Equity and Passive Smart Beta Equities portfolios.
