NovaTek

NOVATEK is one of the world’s largest producers of liquefied natural gas (LNG), with its core operations and reserves based in Russia. The company’s primary business is the extraction, processing, and sale of fossil methane, a potent greenhouse gas. While the company promotes the carbon intensity of its operations as being among the lowest in the industry, its core product—fossil gas—remains a major source of global Scope 3 emissions when combusted by end-users. NOVATEK’s growth strategy is centered on expanding Arctic LNG production and exports, locking in long-term fossil fuel infrastructure.

The company’s climate governance and targets are insufficient relative to the decarbonization required in the energy sector. Its stated long-term goal is only a 20% reduction in air pollutant emission intensity by 2030, a metric that does not address the overwhelming majority of emissions associated with its sold products. There is no evidence of a company-wide, science-aligned commitment to reduce absolute greenhouse gas emissions or a plan to transition its business model away from fossil fuels. This trajectory is inconsistent with the pace of emission reductions necessary to meet international climate goals.