Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

A lot of discussion about oil companies' climate efforts compares U.S. and European majors, but a new report shows there's no strategic consensus in the wider industry.

Driving the news: Deloitte's analysis says separate approaches have emerged as companies prepare for long-term declines in demand in a world that will still likely use huge amounts of oil for decades.

The big picture: The report, based on a survey of 100 C-suite execs across multiple types of companies, lays out four buckets that each have their own opportunities and risks:

  • 30% are "hydrocarbon stalwarts" focused on oil market share and low costs in regions with the least regulatory risk.
  • 47% plan to be "low-carbon producers" that see a major market for oil-and-gas produced with lower carbon intensity.
  • 5% are "net-zero pioneers" focused on dumping oil assets and commercializing and scaling clean energy.
  • 18% are "green followers" focused on monetizing fossil assets and waiting until newer tech is fully commercial before entering those markets.

The bottom line: "By associating themselves with an archetype that closely matches their strategy, O&G companies can identify ways to drive value from the transition — and there's indeed value up to or near trillion dollars for each to be unlocked."

Read the survey

Go deeper

Energy crisis adds to the COP26 headwinds

Illustration: Annelise Capossela/Axios

The energy crisis roiling global markets is adding a wild card to an already unfavorable geopolitical deck of cards that will be handed to world leaders at the UN Climate Summit in Glasgow, which starts at the end of the month.

Why it matters: For the Paris temperature targets to be kept even remotely viable, studies show countries must make sharp cuts in greenhouse gas emissions by 2030, and move toward net-zero emissions by midcentury at the latest, or risk far more severe climate impacts.

Ben Geman, author of Generate
Oct 23, 2021 - Energy & Environment

Saudi Arabia vows net-zero emissions by 2060

Saudi Crown Prince Mohammed bin Salman attends the opening of the Saudi Green Initiative Forum, via video link, in Riyadh, Saudi Arabia on October 23, 2021. (Photo by Royal Court of Saudi Arabia/Handout/Anadolu Agency via Getty Images)

Saudi Arabia on Saturday pledged to reach net-zero greenhouse gas emissions by 2060, deepened its 2030 targets and joined an international coalition seeking to cut emissions of the potent planet-warming gas methane by 30% in nine years.

Why it matters: The pledges from the world's largest oil exporter come just before COP26, a key United Nations summit opening Oct. 31 that is aimed at rallying worldwide actions to stem emissions that are currently on pace to bring global warming well beyond the Paris Agreement goals.

The rickety state of climate legislation

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Rudy Sulgan and Anton Petrus

The last 24 hours have somehow been confusing and clarifying about the state of major climate legislation at the same time.

Catch up fast: Last night House Democratic leaders, facing a revolt from progressives, put off a vote on the bipartisan infrastructure package for now.