Last week, BP topped our weekly ESG impact tracker as they announced a radical 40% reduction in oil and gas production by 2030 while committing to a 10-fold increase in expenditure in low carbon energy. This week, the stock responded with a 7% jump. We go into some details on the results including the top 10 ESG impact ranked companies of the past week.
In our last blog post we applied ESG factors from our NLP platform to highlight the battle in tech for ESG leadership. Last week Google reasserted their leadership through a $5.75 billion bond offering that marked the largest corporate bond sale dedicated to ESG purposes by any company to date. They also used this offering to support minority-owned underwriters! However, during the same week the EU announced the opening of an official antitrust probe into their Fitbit acquisition as the spotlight continues to shine on the privacy issues raised by collecting personal health data.
While this week the positive stories make for attractive headlines, we have built our ESG solutions to be 100% transparent so that you can always dig into a company’s historical sentiment trends to make sure you understand the big picture.
To that end this past week our NLP platform surfaced comments in the Energy sector made by BP. Last week BP topped our weekly ESG impact tracker as they announced a radical 40% reduction in oil and gas production by 2030 while committing to a 10-fold increase in expenditure in low carbon energy.
This week, after the company committed to pivot away from its oil business their stock jumped 7%.
In addition to being good business these commitments are especially important because the big oil and gas companies are some of the few organizations with a large enough balance sheet to invest in the development of low-carbon technologies at scale.
However, the company still carries with it the legacy of the Deepwater Horizon oil spill and the safety and governance issues that preceded it.
We know ESG stories like these can be complicated.
While BP hasn't always been a leader in this space, their current efforts should certainly be celebrated! Hopefully this commitment pushes the other oil and gas majors in a similar direction.
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About Amenity
Amenity Analytics is the industry leader in providing insights from unstructured text by using Natural Language Processing (NLP) assisted by Artificial Intelligence (AI) and Machine Learning (ML). Amenity’s NLP system is a sector-agnostic, language-dependent tool for quantitative text analysis that is deployed across the financial services industry and beyond.
This communication does not represent investment advice. Transcript text provided by FACTSET and S&P Global Market Intelligence.
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