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[Editor's note: A version of this story appears in the January 2021 issue of Oil and Gas Investor magazine. Subscribe to the magazine here.]
In New Mexico this summer, EOG Resources Inc. debuted a new technology to capture natural gas that sometimes flows back due to third-party midstream companies. EOG engineers in Midland, Texas, were pleased but not satisfied with the companyâs 99.5% gas capture rate. But the culture at EOG bends toward perfectionism.
In the companyâs Permian Basin division, in what might have been a hallway conversation between an engineer and a geologist, the question, relentlessly, was how to do it better. In this case, capture emissions.
One area that EOG cannot control is its third-party midstream disruptions. A disruption downstream limits takeaway capacity. Even with redundancies, there are times when companies have no choice but to flare the gas. Out of that occasional uncertainty came EOGâs June test of a closed-loop gas capture system, which automatically re-routes natural gas back into existing wells. âWe had a team of technical and operational specialists get together to brainstorm the idea,â said Gordon Goodman, EOGâs director of sustainability. âThey came up with the concept and then followed through with a successful test.â
The closed-loop gas capture technology will not only reduce the need to flare gas, but the system will pay for itself by conserving resources that can be sold.
The atmosphere around ESG began to change in relation to the oil and gas industry in 2020. Like the air itself, the ambiance among bankers, insurers, investors and institutional funds was invisible, but unmistakably pushed and shoved about by high- and low-pressure areas. Those stakeholders wanted assurances, or at least the veneer of assurance, that oil and gas companies are taking ESG seriously.
The environmental, or the E, has taken on an outsized significance as global capital providers have largely fallen in line with the Paris Accord climate goals to reduce carbon emissions.
Subash Chandra, managing director and senior analyst at Northland Capital Markets, said companies lately have hyperfocused on environmental topics while looking to overachieve state or federal regulations.
âAt this point, youâre seeing everyone take it seriously because they have to,â he said.
Thatâs created the need for spending, the hiring of staff and further innovation, a paperchase of sustainability reports. E&Ps, many for the first time, began publishing principles for an effective ESG policy that broadly hits categories such as greenhouse gases, diversity and societal engagement.
Most companies have made the case that sustainability and tighter emission controls result in higher profitabilityâin general meaning they can sell what would otherwise be lost to the atmosphere.
CEOs, private equity firms and analysts all expect companies to continue to make progress, despite suffering under a relentlessly bad commodity environment.
Lenders such as JPMorgan Chase & Co. have made clear that ESG will be a factor in which businesses get money. Insurers and institutional investors are also beginning to ask questions about oil and gas companiesâ environmental stewardship, with some E&P executives fielding calls on what theyâre doing to report, and eventually, mitigate emissions.
New York capital provider Kimmeridge Energy Management Co. has been at the forefront of such efforts, including publication of its principles for an effective ESG policy that generates economic returns while committing to reducing methane emissions.
Ben Dell, a managing partner at Kimmeridge, said that the industry has a standing problem with reacting to problems and challenges rather than leading the way.
âI think the environmental discussion is a great, great example of that, where E&Ps have tended to have the view that they will do the minimum required based on what theyâre told to do, rather than actually thinking about what the best practice is, whatâs in the best interestâ of stakeholders, he said.
Ultimately whatâs forcing the industry to change now is that capital markets wonât give them any more money, Dell said. âThat cost of capital will in the end force them to change or force them out of business. In that respect, the market is arguably doing its job.â
Dell said that reclaiming investors may not be as big a chore as it first seems considering the state of the industry.
âFirst, all these companies are being priced as if theyâre going out of business. So, your starting point is extremely low. Itâs not a high hurdle to actually start attracting investments again,â he said.
Companies also need to make money, which Dell said is ânot a big ask.â The industry, he argues, hasnât had a problem generating cash flow but rather in spending that cashflow on drilling instead of returning money to investors.
In the past two quarters, Dell said heâs seen teams aggressively crack down on costs, capex and maintenance spending.
âTheyâve been able to do it even with the trough of the commodity,â he said.
To win the ESG crowd on environmental concerns, Dell sees a relatively quick fix: Donât flare.
âWe donât flare as a business, unless thereâs an emergency use situation where itâs a real safety issue,â he said. âAnd all it requires is better planning, getting pipeline companies to buildout to your well locations ahead of your drilling⌠so that they can be turned inline to sales.â
For most companies, halting flaring has no economic downside.
âBurning your product and venting it to the atmosphere is not an economically rational thing to do,â he said. âItâs more profitable to put it in the pipeline and see that product come to fruition.â
EOGâs ESG efforts
Following the first test in New Mexico, in cooperation with the stateâs Energy, Minerals and Natural Resources Department, EOG plans to consider additional sites to deploy the technology.
While 2020 saw an influx of sustainability reports, EOG has been one of perhaps a handful of independent E&Ps to produce such reports. EOG first published their report in2017. The company has shown improvements on emissions, flaring, water use and safety. For the second year in a row, EOG reduced its methane intensity rate by 45% through a mix of retrofitting and removing pneumatic controllers and field pumps.
COO Lloyd W. âBillyâ Helms Jr. said that a growing interest in ESG has provided the company with an opportunity to engage with a broader audience to share the âinnovative technology we have developed to reduce emissions, minimize flaring and increase water reuse.â
Growing interest in ESG has led to more transparency by E&Ps of industry operations as a whole, and environmental practices and performance in particular, which drives the dual benefit of educating more stakeholders and highlighting the benefits of responsible oil and gas development to local communities,â he said.
As various stakeholders make increasing demands for ESG, and environmental stewardship in particular, in the oil and gas industrious has responded by producing low-cost energy while also finding ways to reduce emissions and the overall footprint of its operations, he said.
âWe believe investor interest will follow the demand for barrels as it gravitates toward the most efficient producersâthe most efficient from a capital perspective and the most efficient from an emissions perspective,â he said.
Goodman said EOGâs approach to reporting its environmental statistics is geared toward showing its performance. In developing disclosures for the companyâs sustainability report, he said EOG has tailored its metrics to be relevant to operations and as comprehensive as possible.
The company bases its metrics, where feasible, on publicly available information to aid in comparability among peers.
âWhile we are committed to enhancing disclosure of our policies and metrics that are important to our operations, we evaluate the success of our ESG efforts by performance and performance improvement, and just like every other area of our operations, we drive performance improvement through innovation,â he said.
Continentalâs perspective
Itâs clear that some companies are getting new questions, which has kicked off a mountain of new sustainability reports that highlight air, water, diversity, social engagement and other ways oil and gas communities act as stewards of their resources.
Continental Resources Inc. CEO William Berry said that some parties involved in the ESG discussion clearly want to see the petroleum industry disappear, however unworkable that might be. But various stakeholders are increasingly asking what companies are doing on the ESG front.
âWhat youâre seeing out there is that a lot of the banks, insurance companiesâtheir investors are putting pressure on them to say, âOkay, whatâs your policy around ESG,ââ Berry said. âTheyâre wanting to make sure that thatâs being considered and so ⌠we have had conversations with those guys where they are saying, âThis is part of the dialogue that weâre having to have with our investors.â
âWhat I think everyone is struggling with is that âinvestorsâ is a wide swath,â he said.
Continental founder and chairman Harold Hamm said much of the tumult in the oil and gas industry is due to the fluctuations in oil and gas commodity prices. And while Hamm believes ESG is largely good for the industry and Continental, heâs also wary of it being used as a weapon by investors and activists.
Continental, which produced its first sustainability report this year, has been striving to make the company an environmental steward for more than 50 years, Hamm said. For instance, decades ago the company created ECO-Pad technology that allowed for drilling multiple wells from a single site, minimizing the production profile for multiple wells. And though ESG concerns are important, price will be the ultimate determinant for investment, he said.
âEverybody wants to press ESG, and a lot more, perhaps, than it should be [pushed],â Hamm said. âRather than [catering] to these activist groups trying to set some arbitrary goals or metrics, we believe [in] demonstrating very clearly that weâre a part and a driver of the solution, not the problem, and as such the larger issues around climate management can be achieved.â
Of its own volition, Continental Resources has already found ways to limit methane and volatile organic compounds from escaping to the atmosphere. In 2016, for instance, the company began installation of new controllers for natural gas at well facilities. Since then, the companyâs greenhouse gas and methane intensity rates have fallen by at least 22% while production has increased by about 44%.
Escape the echo
The determinant factor for oil and gas companies, and other industries, is public sentiment, Chandra said. And the publicâs sentiment is that climate is real. That, he said, drives everything else.
âGlobal capital has led the way, and that is because global capital is concerned about climate change,â he said. âGlobal capital is composed of the bank accounts of the global population.
âWithin the past year, Chandra recalled visiting oil and gas companies to talk about environmental concerns. A few companies were talking about it but, âI didnât get the sense [that the] rank and file felt that strongly about it.â
Instead, he got the sense they were seeing it as a political issue and that if the right people were elected it would go away.
âWhat really scared me about that kind of opinion is that the E&P sector has had enough issues. They havenât gotten in front of many of them, and hereâs one more issue that they are not anticipating,â he said.
Then, beginning in March, âYouâve just seen this topic be topic No. 1, and thereâs no going back.â
Chandra said companies are faced with a stark choice: If they can run their businesses without public financing, theyâre free to run their business as they choose, but for the others that need financial backing, companies need to be aware that climate change is driving investor decision-making.
âAnd so, you saw things like BlackRock and [others] adopt climate change and ESG and the Paris Agreement,â he said.
Chandra said he watched ESG approach like it was an incoming shelling dropping on an unsuspecting target and that the industry needs to lean into the ESG movement.
What it doesnât need is to engage in long debates on climate change, he noted. It may well be that other factors cause global warming, but the prevailing sentiment is that manmade emissions are responsible. The other factor is that global temperatures are breaking records, glaciers are melting and storm activity in 2020 was at a record levels.
âIf weather wasnât so screwy, this would not be a big topic,â he said. âMy point to the companies was, âGuys, get out of that echo chamber. Itâs not going to help you.ââ
Dell said thereâs a misconception that to be a leader or thoughtful on environmental matters requires abandonment of economic rationales. Good environmental performance, like good safety performance, pays off, he said.
âOver a period of time, you benefit from doing it. If you have good locations and you donât have spills, over time, youâll benefit because the cleanup cost is lower. If you donât flare gas wells, you also benefit over time because you can sell that product.â
SIDEBAR
PDC's Sustainability Focus
In September, PDC Energy Inc. published the companyâs first sustainability report. But the company has long been at work to exceed its own expectations as well as the onerous regulations imposed by the Colorado Oil and Gas Conservation Commission.
Still, President and CEO Bart Brookman said he saw the end product as the result of building momentum around ESG and questions from a variety of shareholders.
Partly, that began in March 2020, as private equity firm BlackRock Inc. became one of the most prominent investor groupsâand PDCâs largest investorâto make sustainability a focus for its investments. Banks, particularly European lenders such as Credit Suisse and Deutsche Bank, have led the way.
Brookman said investors want to see a commitment to ESG and a âgood summary of the progress weâre making.â
The sustainability report has also helped to clarify that PDCâs actions align with what itâs saying. Toward that end, PDCâs team assembled what the company was already doing, Brookman said, into a single cohesive report.
âI think thereâs a lot of aspects of, culturally, who we are as a company,â he said, as well as the way the company has been shaped by Colorado state regulations over the past five years.
Brookman sees such reports as what the industry needs to be doing to become more transparent, more accountable environmentally and to demonstrate how E&Ps are following tightening regulations.
âWe are early in our journey,â he said. âThis is our first year. We plan on setting goals to make better and better progress on the E,S and G areas as we go forward. On the environmental side, we definitely have plans to improve, to get cleaner and cleaner.â
âThe big thing with the sustainability report this year is that it gets all the information out there and the ratings agency scores catch up and accurately portray what weâve been doing for years as a company,â said Kyle Sourk, senior manager of corporate finance and investor relations.
The sustainability report includes data from various company departments and then presents it in a way that the average person or state officials can easily digest.
âThe sustainability report involves going out and gathering all the data, putting it into one concise report where the investment community, the banks, the board of directors and any of other stakeholders can go and look,â Brookman said.
The report also has an authenticity to it that cannot be spontaneously created. Many of the conversations and snippets of conversations quoted in the document happened over years.
âThey donât just happen when weâre putting together a report,â said Courtney Loper, senior manager for stakeholder relations, who helped create the sustainability report. âThe testimonials in the report are things that we already had in our files, because that was the feedback we got in real time from some of those events and some of those partnerships.â
Through the need for innovation or at the behest of the state, PDC has also been exploring cleaner technology that itâs implemented in the past10 years, including vapor recovery units, tank pressure monitoring and loadout control among others.
âWe have dramatically changed the engineering of our facilities,â Brookman said. âWe have that 80% to 85% reduction in CO2 and methane emissions. And that is a collaborative effort of our field operations, engineers, regulations, and the state of Colorado saying, âWe want you to do this,â and we go find a way to get it done.â
That said, Coloradoâs regulations can be onerous and even illogical.
âI have to shoot straight with you on it,â Brookman said. âThere are times that proposed regulations have us holding our head. But I am proud of the progress we have made in these areas.â
And even without the changes in regulations, Brookman said he believes the company would still have done a phenomenal job to get cleaner.
Brookman notes that he joined PDC 15 years ago. Two years later, he hired his first safety employee. In November the company had 25 environmental, health, and safety employees working fulltime.
Advantage gas?
EQTâs new management team has been in a âfixer-up mode,â setting standards and listening to stakeholders.
While the company hasnât felt pressure to adopt any standards yet, EQT CFO David Khani said, âWe know from our conversations with investors, with banks and a whole host of what weâll call âcapital providersâ that the goal here is to set very tangible metrics,â he said.
âThe goal would be to get to net-zero in scope one and probably scope two and think about the right timing and approach for scope three emissions,â Khani said. Pressure would come if EQT were to set standards or targets that they fail to achieve.
Companies that donât go down a path of reducing emissions will see their ability to attract capital erode.
âWe see lending standards on oil and gas companies ratcheting up, and after the first conversation we had with one bank, more conversations have been occurring recently on this topic with multiple banks,â he said.
Insurers are also asking similar questions, he said. âTheyâre very long-term providers of capital. Their renewals might be annual, but theyâre expecting to be with us for many years,â Khani said. âTheyâre asking us about our current ESG focus, so they understand these are rising risk determinants on capital⌠weâre providing transparency into our ESG practices, which goes beyond the standard environmental focus.â
These sorts of conversations have picked up in the past two or three years from typical conversations regarding property and surety lines and now translate over to areas such as casualty insurance.
Khani expects the industry to find itself sundered into more distinct camps of oil and natural gas. He expects pure natural gas producers such as EQT to have a sizeable advantage over coal and oil companies.
âI would say thereâs going to be a major bifurcation between oil-based and natural gas-focused companies for these banks/capital providers, driving their investment standards to the lower emission entities over time. Itâs not like theyâre not going to lend or invest in an oil company, but if you donât have a much more rapid reduction in emissions, their ability to lend or invest with them over time will erode.
âI havenât seen that yet, but itâs probably coming. So, there will be bifurcation from the investment community on a gas versus oil. Itâs going to come,â he said.
The same is true for âdirtyâ natural gas providers.
E&Ps will first face a profitability hurdle before banks and institutional investors back and trust them due to the poor investment performance of the group. Then they will choose the companies they want to work alongside.
âIf you have two companies with the same economic profile, but one is a better steward of the âEâ, lenders will gravitate to that company. In essence, they will use that as a second filter for sure,â Khani said. âAnd in our conversations with different institutional investors, they are ranking companies from an ESG perspective.â
Some have simple âone to fiveâ rankings. Others use different ranking mechanisms. But again, a second filter on picking and choosing winners and losers.
âI have not seen that extreme yet, but itâswhere itâs the broader market is heading becauseyouâre seeing this occur from the more sophisticated, larger investors now,â Khani said.
A complicated picture
Not everyone is convinced that oil and gas companies will need to meet ESG criteria to find investors.
Hamm said the American model of production, which is highly regulated and controlled, has already reduced emissions. The U.S. saw emissions drop by 77% since 1970, including during a recent ramp up period in which production rose by 2.5x.
Continentalâs Berry said the world needs multiple forms of energy and it has for quite some time. But managing carbon dioxide would be far easier if the world switched from coal to natural gas.
âYouâd probably see a 20% reduction from fossil fuels just by switching to natural gas. Thatâs what happened in the United States. Thatâs why weâve been able to meet part of the Paris Accord today. We achieved that because of natural gas.â
Berry said that ESG has become far more visible of late, though like Hamm he said that ESG has long been one of the fundamentals driving the industry.
âItâs a continuous drive for improvement,â he said. âWe donât see this as a static environment.â
Berry also said separating the need to reduce emissions from energy poverty throughout the world is short-sighted, since some nations may rely on coal rather than natural gas for their power generation needs.
âThereâs 10% of the population that is European and North American that are trying to drive the narrative for 100% of the population of the world,â he said.
The company also exceeds flaring requirements in the Bakken and captures 99.5% of its emissions, Berry said. North Dakotaâs overall gas capture target was 93% in September 2020.
âWeâve helped the states try to drive their requirements to higher and higher levels to appropriately reflect what needs to be done,â Berry said. âFor that gas capture, weâre 99.5% and weâre still looking at opportunities to go even further.â
While commodity prices may rise in some unforeseeable way, Kimmeridge tends not to be swept up in the euphoria of the industryâ speaks and valleys.
âWe are able to sit back a little bit more and look at the overall market and say, âListen, if youâre competing for capital in this market, you have to be relevant. You have to be investable,ââ he said. âAnd that isnât just about being investable within the energy space; itâs about being investable for everyone. Itâs about competing for capital across the stock market against other companies.â
To do that, Dell said a more forward-thinking view of the industry in the next one or two decades is required.
Dell notes that oil and gas companies have lagged behind in diversityâand not just in terms of ethnicity or gender. Industry boards are dominated by other energy company executives. He sees this as a pitfall that leads to group thinking about what a company should do.
âAt the end of the day, if you look at where we are today, weâve had this herd mentality about âWhat is the right business model for the industry?â and âHow should we run our companies?â And as a result, the industryâs driven itself into the ground over the last decade.â
SIDEBAR
A Model for Mitigating Emissions
While many institutional investors are running away from oil and gas on the premise of ESG concerns, Kimmeridge Energy Management Co. is running toward them. Kimmeridge, which makes both public and private investments in the oil and gas space and whose principals are rooted in the oil and gas industry, believes it can effect environmental change better from the inside out.
In February last year it published a white paper, titled âCharting A Path To Net Zero Emissions For Oil & Gas Production,â on how E&Ps big and small can and should do their parts in mitigating greenhouse gas emissions.
âKimmeridge intends to advocate for change in the sector through its investments,â the report stated. It believes that companies it invests in should adopt the following five key principles:
1) Eliminate routine flaring by 2025
2) Reduce U.S. methane intensity below 0.2% of gas production by 2023
3) Reduce total upstream GHG intensity by 50% by 2030
4) Pursue routine monitoring and independent verification of emission levels
5) Align reporting with SASB standards and adopt all 11 TCFD recommended disclosures by 2022
Specific steps should include:
1) Disclose the specific actions being taken to meet intensity reduction targets (scope and frequency of leak detection and repair (LDAR) program, replacement of pneumatic devices, installation of vapor recovery units (VRUs), use of plunger lift, field electrification, etc.)
2) Outline the steps being taken to monitor the effectiveness of flare units and ensure zero flaring by 2025
3) Increase independent monitoring and verification of atmospheric readings with transparency into how it correlates to internal calculations
4) Provide independent certification of emission intensity (i.e., Intertekâs CarbonClear), especially if linked to executive compensation
5) Aspire for continuous on-site emissions monitoring as the technology improves and costs are reduced
Good environmental performance is also good business, the report promotes, and the New York investment house intends to advocate for improvements in environmental performance, disclosure, verification and target setting for the E&P sector that are measurable and impactful via its capital placements.
âAs the world transitions to a low carbon future, the upstream oil and gas business must evolve and address its own environmental deficiencies. The leading E&P companies of tomorrow will adopt a business model that is aligned with the energy transition through lower reinvestment rates while charting a path toward net zero emissions in their direct operations. This is critical for attracting investors back to the sector.â
Next ESG steps, and beyond
EQT itself is starting in a good position on emissions, Khani said, and focusing on becoming cleaner. The company is starting to track emissions on, for instance, water trucks and has implemented measures to electrify parts of its operations and increase its monitoring for leaks in real-time.
EQT, which has published sustainability data since 2012, reported zero flaring of natural gas in the past two years. Last year, the company also reduced fugitive emissions of carbon dioxide equivalents by more than70%, to 6,816 metric tons compared to 23,200 metric tons in 2018.
âOne bank said to us that weâre at such a low level of emissions right now that thereâll be a whole host of companies that could spend 10 years and never get to the same spot where weâre starting at,â he said.
The company is also looking at renewable technology, though âItâs not a sunny place in Pittsburgh, so we canât always rely on solar,â said Charity Fleenor, EQTâs environmental affairs director.
In one project, EQT has looked at more closely monitoring methane leaks from pneumatics. The Environmental Protection Agency (EPA) typically identifies gas pneumatics as a primary source of emissions and accounts for about 60% of what is reported to the agency, Fleenor said.
âWeâve looked at different ways to capture that information and recently presented that to EPA,â she said. Moving forward with such practices is a âmatter of constantly keeping on top of the technology, understanding how and if the technology works for us. Thatâs really what weâre targeting right now,â she said.
EQT recently presented an alternative method to calculate emissions from pneumatics to the EPA.
Fleenor said EQT looked at emissions actually generated from equipment compared to a blanket emissions calculation that EPA utilizes. Fleenor said EQT presented all of the data, good and bad, and the EPA was receptive of the thought process and appreciated the transparency. While it is uncertain if the agency will approve the alternate calculation methodology, EQT still considers this a win.
âIâve been working in this industry and the environmental space for almost 24 years,â she said. âAnd Iâve never had an agency give us a thumbs up on something weâve done like that.â
For E&P companies, beginning to compile a report can be onerous. However, many companies and analysts pointed to the Sustainability Accounting Standards Board (SASB), which provides a template for reporting carbon emissions and other ESG measures. SASB provides standards for 77 industries.
Swapnil Karnik, Columbia Threadneedle Investmentsâ research analyst for oil and gas, said ESG has triggered tangible impacts across several different fronts. More assets under management are starting to incorporate ESG perspectives into their portfolio construction process. That usually has an impact for how much capital it is willing to invest in companies, which donât necessarily score as high on some of the ESG factors.
From a financing perspective, banks are increasingly measuring their impact on climate and climate risks while limiting their exposure to fossil fuel companies. Even Federal Reserve Chairman Jerome Powell has said it will look into how to incorporate climate change and risk into what they do, with the potential to affect monetary policy, bank regulation and financial stability.
âWe havenât necessarily seen a big shift yet in my opinion, but youâre starting to see more pressure on banks starting to carve from investors in terms of their own company disclosures,â Karnik said.
E&Ps may not have seen a âdeep impactâ yet from a bank-financing standpoint, âbut in the changing environment, I think weâre probably going to see some impact from available key lender, credit facility issues,â Karnik said. Those may apply to certain debt refinancings that might include higher scrutiny on ESG matters.
So far, however, banks with direct exposure to fossil fuel companies havenât made any significant changes from the recent past.
âThere has been no meaningful impact in terms of banks limiting their exposure to fossil fuel companies because of ESG matters; though, that might change given the changing environment,â he said.
But ESG questions are more likely starting to be asked now.
âIf your credit facility is coming up for a refinancing, youâre probably going to get more questions on how you think of ESG issues than the last time you refinanced,â he said.
âWe do encourage our companies to focus on the standards and try to improve their disclosure on those fronts,â Karnik said.
While oil and gas companies are regulated by a number of state and federal agencies, some data are self-reported. The initial accuracy of the reports is not necessarily as important as simply making an initial disclosure, he said.
âWe are not necessarily making an argument for methodology behind the data thatâs being captured,â he said. âThat is an issue thatâs clearly there within the industry, and I think those discussions are going to evolve.
âWhat we like about SASB is they have identified the critical ESG issues and, based on those issues, what factors should be disclosed by the company. Thatâs the first step we would like the industry to wholeheartedly adopt.â
Beyond an initial report, emphasis shifts from what is initially reported to improvement.
âI think our focus more is more about showing progress, year after year, setting targets and tying those targets to compensation and thatâs what we focus on in our engagements,â he said. âObviously, then youâd start on a new objective.
âOnce you start measuring it and reporting it, people want to get better at it. So maybe the first reduction that happens is all the easy things that you do. But even that is a good thing.â
In 2020, there were perhaps dozens of inaugural sustainability reports published. Chandra said he mainly looks at greenhouse gases, total emissions, carbon and methane.
He believes that the corporate sustainability report will ultimately be the most important document a company publishes after the 10-K for investors. The reports also provide a way to begin ranking companies based on their emissions. The question now is whether the rest of the industry will follow suit.
âSo, you either are part of the solution, or youâre the villain,â he said. âWhy play up to the role of the villain when they already think youâre one?â
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