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Illustration: Rebecca Zisser/Axios 

BP's new emissions pledge could create more pressure on U.S.-based giants Exxon and Chevron.

Why it matters: European oil behemoths have been more active on climate than their U.S. counterparts.

Context: BP vowed "net-zero" emissions from its operations and oil and gas it produces by 2050 and a 50% cut in emissions intensity from products it sells.

The big question: Now the question is whether BP's plan — which is the most aggressive among super-majors, albeit lacking detail — will change the landscape.

  • "If we do see capital flowing into BP, that may force the U.S. majors to rethink the speed at which they move on carbon reduction targets," Noah Barrett of the asset management firm Janus Henderson told Bloomberg.
  • But he does not see the U.S. companies "adopting a BP-like strategy in the near future."

Where it stands: One big dividing line between European and U.S. majors is companies' willingness to set any kind of goals around Scope 3 emissions.

  • Those are the emissions from the use of a company's products in the economy from driving and so forth, and they're vastly larger than emissions from companies' direct operations and energy use.
  • BP's Scope 3 target is a mix of commitments: an absolute net-zero target for the use of the oil and gas it produces, but the intensity target once you include the oil and gas they buy from other companies to process and sell.

What they're saying: An HSBC note this morning calls the new plan "potentially a game-changer for the company and the industry."

  • "For a company of BP’s scale, a net zero scope 3 footprint from its own production introduces a climate-related ambition on an unprecedented scale."
  • "It also points to a dramatic transformation of the business, including an inevitable shrinkage of the upstream business over time."

Go deeper: BP vows to "fundamentally" change with net-zero emissions target

Go deeper

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

3 hours ago - Politics & Policy

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.