The focus on ESG performance is increasingly in the spotlight, and public and private oil and gas producers alike—of all sizes—are figuring out how to adapt to this evolving environment. While there are further changes and future unknowns to navigate, best practices and approaches are emerging. And those who say they are taking ESG seriously believe that it can be embraced sustainably and profitably.
The term ESG has been around since the early 2000s, but the intensifying focus on it did not become apparent until much more recently.
“This has gone from being a relatively underwhelming part of the conversation to really being at the forefront of every quarterly earnings, every conference, every investor briefing,” Accenture’s global energy transition lead for oil and gas, David Rabley, said. “The bar has been significantly raised in terms of what is expected from operators at multiple scales on ESG.”
Rabley noted, though, that while everyone talks about ESG, the focus is primarily on the E—the environmental aspect. Here, too, an evolution is underway.