Detailed Results Background Company disclosures on climate lobbying and branding activities are very limited. To fill this transparency gap, InfluenceMap has devised a methodology to calculate corporate spending on climate. This uses best-available disclosures to isolate line-item spending for each company across a range of activities (e.g. communications, government relations, advertising, etc.). Through an intensive research process, the organization’s external output related to these activities is thoroughly assessed to give the proportion of these activities, and their associated costs, focused on climaterelated issues. Details of this methodology can be found in the Appendix. Using this system, the research finds that the five largest publicly-traded oil and gas majors (ExxonMobil, Royal Dutch Shell, Chevron, BP and Total) are investing around $400M annually of shareholder’s money on climaterelated lobbying and branding activities between them. This constitutes well over $1Bn since the Paris Agreement was signed in December 2015. Climate-related spending constitutes over a quarter of the oil majors’ expenses on lobbying and branding, the total of which includes the marketing of their fuel and chemical products. However, company disclosures show low carbon investments will comprise only about 3% of the oil majors’ expected investments, with the rest of their combined annual capital expenditure ($115Bn for 2019) focused on fossil fuel related businesses.5 5 Total expected capital expenditure for 2019 has been used where disclosed. Otherwise total capital expenditure for 2018 is used. Low carbon expenditure is based on company announcements of their expected yearly investment in low carbon businesses, taken from the 2018 CDP disclosures where available, and other best-available disclosures (e.g. company websites, reports). 9 InfluenceMap March 2019