Lukoil

Lukoil is a major integrated Russian oil and gas company, deriving the vast majority of its revenue from the exploration, production, refining, and sale of fossil fuels. It accounts for approximately 2% of global oil output. The company's core business is inherently emissions-intensive, and its disclosed climate targets are insufficient relative to the pace of decarbonization required by the Paris Agreement. Lukoil aims to reduce its Scope 1 and 2 greenhouse gas emissions by 20% by 2030, using 2017 as a baseline. This target lacks the ambition of a science-aligned pathway and does not address the significantly larger Scope 3 emissions from the combustion of its sold products, which constitute the dominant portion of its carbon footprint.

While the company publishes sustainability reports and has set some internal goals, its operational context and recent trajectory are concerning. In March 2026, Lukoil was targeted by a new round of U.S. sanctions, underscoring its role within the Russian energy sector. Furthermore, there is documented obstruction of public oversight into its environmental practices, with reports indicating that evidence collection regarding violations and damage is being hindered. This combination of a business model centered on high-emission products, a weak climate target that ignores sold emissions, and an operating environment lacking transparency places Lukoil poorly relative to sector peers on emissions governance.