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May 13, 2020updated 14 Feb 2022 1:25pm

Oil and gas companies are focusing on ESG challenges for long-term solution

By GlobalData Energy

GlobalData’s latest thematic report ‘Sustainability in Oil & Gas’ sets out a comprehensive framework for sustainability in the oil and gas industry based on environmental, social, and governance (ESG) issues.

Free Report
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How can your business build resilience within the ESG space?

ESG is a key theme impacting companies across all sectors globally. It has emerged as the top theme among company filings, with a rising focus on SDG 16 (Peace, Justice, and Strong Institutions) amidst current geopolitical tensions and sustainability-driven investments. Leading sectors with the highest active jobs in this space include aerospace and defense, automotive, banking and payments, construction, and consumer, with many companies actively looking to establish ESG-related expertise. For more information related to company filings and job analytics, as well as key insights across the latest news, deals, and patents, consult our full report. This report will help you to:
  • Identify the top trending themes relevant to ESG across all sectors
  • Monitor investment and innovation landscape in ESG
  • Track key events and social media mentions related to ESG
Download our full report to understand how you can use GlobalData’s trusted insight to develop your business in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

The environmental threat of oil and gas industry is widely recognised and various governments have initiated preventive measures to mitigate it. Subsequently, many oil and gas companies are taking steps to curb the environmental impact, primarily due to regulatory and shareholder obligations. Total SA has invested in diverse renewable energy projects, ranging from solar, wind and hydropower. In 2019, Equinor announced plans to align its business strategy with the goals of the Paris Agreement.

Large oil and gas corporations have also undertaken ESG activities as part of their individual CSR portfolios. There is a conscious effort to bridge the gender gap in workplaces, maintain diversity and ensure overall wellbeing of the employees. ExxonMobil has led the adoption of stricter safety standards in its oil and gas operations to create a safer workplace environment.

Although the industry is gradually reforming itself to improve environmental sustainability, it still lags to some extent on social and governance fronts. Oil majors and other multinationals have adopted best practices in ensuring employee health and safety. However, the same is not true in case of the national oil companies. Many of these companies lag on the social and corporate governance front.

Adopting a holistic approach can help company leaders to ensure all aspects of sustainability are covered in their ESG strategy. In the coming years, the pressure will mount on companies to be more transparent about their ESG credentials.

Some of the leading oil and gas players in the sustainability theme are Equinor, Shell, ExxonMobil, Total, Chevron and OMV.

Figure: Leaders and laggards in the oil and gas industry in the sustainability theme

Related Companies

Free Report
img

How can your business build resilience within the ESG space?

ESG is a key theme impacting companies across all sectors globally. It has emerged as the top theme among company filings, with a rising focus on SDG 16 (Peace, Justice, and Strong Institutions) amidst current geopolitical tensions and sustainability-driven investments. Leading sectors with the highest active jobs in this space include aerospace and defense, automotive, banking and payments, construction, and consumer, with many companies actively looking to establish ESG-related expertise. For more information related to company filings and job analytics, as well as key insights across the latest news, deals, and patents, consult our full report. This report will help you to:
  • Identify the top trending themes relevant to ESG across all sectors
  • Monitor investment and innovation landscape in ESG
  • Track key events and social media mentions related to ESG
Download our full report to understand how you can use GlobalData’s trusted insight to develop your business in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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