Our new report on #ExecPay: 'Crude Intentions III' by Said Ashrafkhanov finds - from a universe of 30 of the world’s largest #oil & #gas🛢️producers: ❌all 10 national oil companies (NOCs) failed to sufficiently disclose their #ExecutivePay 💵 plans https://t.co/wgOMT7Asoj

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In FY 2024, exports made up 11% of AMNS’ revenue, with 73% going to the EU. These will face rising costs as CBAM is phased in (2026–2034); we estimate export costs will rise by 33%.

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There is a timing mismatch between planned blast furnace expansions at Eastern sites and the availability of carbon capture and storage, putting the company at risk of exceeding its carbon budget.

Emissions intensity rose to 2.67 tCO₂/tcs in FY24/25 & 65% of the company’s current capex is aligned with high carbon lock-in risk.

However, AMNS’ portfolio of ongoing and announced projects results in significant risk of carbon lock-in.

ArcelorMittal Nippon Steel (AMNS) is India’s joint 4th largest steel producer, and plans to grow from 9.6 Mtpa today to 40 Mtpa by 2035. It has set an ambitious 2030 target to reduce carbon intensity by 18%, it has also stated aims to align with India's 2070 net zero ambition.

“Oil companies are no longer growth plays.” That’s not alarmism. It’s the new market reality. Mark Campanale shares blunt evidence #FossilFuel giants are shrinking. Not because they want to. Because the clean energy future is moving on without them https://t.co/vGM6dqrOYz

Our new report with Carbon Transition Analytics shows Tata Steel’s European arm has a clear decarbonisation plan—while the Indian arm does not. $24bn in Indian projects face high carbon lock-in risk unless ‘future proof’ blast furnaces are deployed

Tata #Steel’s 2045 #NetZero goal is bold but our latest report with Carbon Transition Analytics shows a mismatch with coal-heavy expansion in India. Without a credible shift to cleaner blast furnace tech $24b in new projects risks locking in high emissions

Report:

As India’s top steel exporter, JSW also faces rising carbon costs abroad. Poor tech choices now risk CO₂ targets and long-term profitability.

JSW Steel’s CO₂ goals meet domestic requirements but a credible transition plan must provide more detail on its blast furnace abatement and phase-out strategy, since these assets are long-lived and resource-intensive.

Growing steel production is vital for India’s development goals. Avoiding carbon lock-in during this rapid expansion will require support from transition finance, concessional finance, and government initiatives. To access, Indian steel companies need credible transition plans.

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Key investor questions: ➡️ Where are the interim targets? ➡️ How is green capex being disclosed? ➡️ Will governance and lobbying be aligned with net zero? ➡️ Can BEV scaling hit 2030 goals?

Why this matters to investors: BMW’s credibility on transition execution affects its ability to meet targets, manage risks & protect margins.

But: ➡️ No short-term emissions milestones ➡️ Limited financial transparency on green capex & ICE phase-out ➡️ Inconsistent climate lobbying ➡️ Weak ESG governance & missed incentive targets

BMW is a relative leader in the EV transition, with robust 2030 targets and progress on BEV rollout via its Neue Klasse platform (launching 2025).

There is a structural tension in the petrochemical value chain - energy suppliers are seek to sell more fossil inputs to an industry aiming to phase them out, as part of their transition to net zero.