Oil and gas executives can expect increased pressure on environmental, social and governance (ESG) issues following the November elections, experts forecast.
That means demands to reduce flaring, carbon footprint and overall environmental impact. Fossil fuel companies also will be under a microscope to demonstrate there is a public good associated with what they do.
That’s not just the forecast of the impact on the industry if former Vice President Joe Biden is elected president. That’s also the forecast if President Donald Trump wins reelection.
“All that’s going to happen regardless of who’s elected because that’s coming from the investment community. That’s not coming from politics,” Ken Medlock, senior director of the Center for Energy Studies at Rice University’s Baker Institute for Public Policy, said. “In many ways that’s more powerful than who’s elected because that’s how you get money.”