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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

By the numbers: Catholics, Biden and abortion

Expand chart
Reproduced from Pew Research Center; Chart: Axios Visuals

President Biden — the second Catholic U.S. president — will meet with Pope Francis at the Vatican on Friday, as some church leaders debate whether to deny Holy Communion to politicians who support abortion rights.

By the numbers: Overall, two in three U.S. Catholics believe Biden should be allowed to take Communion despite his stance on abortion, according to polling by Pew Research Center.

Texas House probes school library books dealing with race and sexuality

Photo: Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Texas state Rep. Matt Krause (R), chair of the Texas House Committee on General Investigating, announced Wednesday that he's initiating a probe into schools' library books, according to a letter sent to the state's education agency and other superintendents.

Why it matters: The probe focuses on books that discuss race, sexuality, or "make students feel discomfort, guilt, anguish, or any other form of psychological distress because of their race or sex," Krause wrote in the letter.

5 hours ago - World

Iran agrees to resume Vienna nuclear talks in November

Ali Bagheri (R) with Enrique Mora in Tehran on Oct. 14. Photo: Iranian Foreign Ministry handout via Getty

Iran's new chief nuclear negotiator said following a meeting in Brussels on Wednesday that Iran would resume negotiations in Vienna before the end of November, with the exact date to be set next week.

Why it matters: The Vienna talks have been frozen since Iran's new hardline president, Ebrahim Raisi, was elected in June. This is the most direct commitment from Raisi's government to return to the negotiating table.