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ESG: When Your Core Business is Carbon, How do you Succeed?
Our society has an unabated need for reliable sources of affordable energy. Global freedom of mobility and quality of life standards for a growing population are tightly linked to today’s energy system and supply built on petroleum inputs.
While alternative low carbon options and associated value chains evolve, Oil and Gas companies are investing in carbon capture and other emissions reduction strategies to accelerate their path to net zero and a low carbon future.
Advancing ESG in Oil & Gas
Sia Partners works with oil and gas companies and other industries around the world to advance and integrate Environment, Social and Governance practices into the strategic planning cycle and corporate operating model. In 2023, we conducted a benchmarking exercise involving a small sample of energy companies in North America to assess the status and progress of their ESG programs based on publicly available reporting metrics. Interviews were also conducted with sustainability leaders from a subset of the study group to provide a qualitative view of ESG priorities and activities.
While considerable improvements are being made, the issues and options are complex, requiring careful assessment in order to strike an important balance that aims to meet the energy needs of today, progress initiatives that address climate change, and support the transition to a net zero future.
