Unified Metrics Library - Fossil fuel sector

Fossil fuel refers to any non-renewable carbon-based energy sources such as coal, oil (petroleum), and natural gas.

Coal Companies involved in coal mining and related activities are considered coal companies. Coal is primarily used for electricity generation and, to a lesser extent, industrial processes like steel production.

Oil (Petroleum)

Petroleum companies, often referred to as oil companies, are involved in the exploration and drilling of crude oil reserves, refining crude oil into various petroleum products (such as gasoline, diesel, jet fuel, and lubricants), and distributing these products to consumers, including gas stations and industrial users.

Natural Gas

Natural gas companies explore and extract natural gas reserves. Natural gas is used for various purposes, including electricity generation, heating, and as a feedstock for the chemical industry

Regulatory definition

According to the (EU) 2022/1288 of 6 April 2022, "Company active in the fossil fuel sector" means

company that derive any revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade, of fossil fuels.

According to Regulation (EU) 2018/1999,

"Fossil fuel" means

non-renewable carbon-based energy sources such as solid fuels, natural gas and oil.

Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the content and presentation of the information in relation to the principle of do no significant harm.

ANNEX I. (5)

Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union and Climate Action

Point (62)

A company is active in fossil fuel sector if it is involved in the exploration, production, refining, and marketing of fossil fuel products, including crude oil, natural gas, gasoline, diesel, and petrochemicals.