Illustration: Rebecca Zisser/Axios

Oil-and-gas giant Repsol yesterday pledged to achieve net-zero carbon emissions by 2050 — becoming the first oil major to make a specific net-zero commitment (albeit a non-binding one).

Why it matters: Bloomberg notes that it's the "most ambitious attempt yet by an oil major to align itself with the Paris climate goals."

The big question: Will they be a trendsetter or outlier?

Driving the news: The company outlined plans that include adopting interim targets to reduce carbon intensity, moving more deeply into renewable power, and utilizing methods such as carbon capture tech, forest offsets, and EV charging at service stations.

  • One key thing, noted by both Bloomberg and the Financial Times, is that the emissions targets include not just Repsol's direct operations, but the larger CO2 levels produced from use of its products in the economy.
  • That's important because pledging this type of "scope 3" emission cuts is relatively uncommon for oil majors.

The intrigue: Repsol said it's taking a $5.3 billion "impairment charge" to the value of its assets. That reflects the lower value of fossil fuel holdings in a business model consistent with the Paris Agreement's goals.

What we're watching: Whether any other oil majors, including the ones that have recently increased their climate pledges, will match the step.

  • Repsol is much smaller than giants like ExxonMobil, Chevron and Shell.
  • Its project portfolio is also heavily tilted toward natural gas, so it's got something of a head start.

What they're saying: Andrew Logan of the sustainable investment group Ceres called it a "gauntlet thrown." Logan, who carefully tracks Big Oil's climate moves, told Axios:

"One aspect of the Repsol commitment that I think hasn't gotten enough attention is the ~$5B write-down on its existing oil and gas assets."
"This has implications across the sector, and will raise questions among investors about whether other companies should be writing down the value of their assets as well."

The bottom line: This "could be the beginning of a major realignment in the sector," Logan said.

Go deeper: Big names begin bipartisan push to build support for carbon cuts

Go deeper

Trump issues order banning TikTok after 45 days

Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.

Bill Hagerty wins Republican Senate nomination in Tennessee primary

Former U.S. Ambassador to Japan Bill Hagerty speaking at CPAC in 2019. Photo: Mandel Ngan/AFP via Getty Images

Former U.S. Ambassador to Japan Bill Hagerty won the Tennessee Republican Senate primary on Thursday evening, beating out surgeon Manny Sethi for GOP Sen. Lamar Alexander's seat, who announced his retirement in late 2018, AP reports.

Why it matters: Though the race narrowed in July, Hagerty — who received President Trump's endorsement in 2019 — stuck close to the president's messaging and touted his Tennessee roots.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 18,982,658 — Total deaths: 712,266— Total recoveries — 11,477,642Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 4,873,747 — Total deaths: 159,931 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.