“The greatest threat to our planet is the belief that someone else will save it.”
Businesses in the oil and gas sector find themselves at crossroads: transform or risk becoming redundant.
The companies and executives in the sector are facing pressure from their own shareholders, various other actors in the financial sector, international organisations, non-governmental organisations, governments, and even courts. Also, their role in impacting policy is increasingly under very public scrutiny and the time when these companies could pretend ignorance regarding how rapidly the change is needed has passed.
The world needs a radical decarbonisation and energy transformation to limit global warming to 1.5°C and avoid the climate crisis we all are facing. The energy sector is one of the most important sectors for achieving the low-carbon transition. The whole industry must recognize and accept the extensive transformation required to survive and step up to meet this challenge.
There are rare examples of significant transformations that have been successfully managed in the energy sector. Yet, all of the leading energy and gas companies still have a long way to go and their progress is being monitored and ranked by various bodies. Leaders and laggards are becoming increasingly obvious. Furthermore, their progress is being publicly ranked.
While the world’s most influential oil and gas companies have a substantial role in the low-carbon transition, there is strong evidence that they can improve their progress towards these goals.
At the same time, there is still strong evidence of a systematic lack of action by the leading oil and gas companies in the world. Research points to clear evidence that the leading companies continue to need stronger leadership, increased investments, and improved transparency to close that performance gap. Furthermore, there is evidence that only some executives in the industry fully grasp the changes in the society that are impacting their businesses.
We have tailored our approach to support businesses in this critical industry to voluntarily speed up their sustainability innovation internally.