Amid intensifying pressure to fight climate change in the ESG-dominated business environment, a recent report by Deloitte shows that only 23% oil and gas executives globally are planning or starting their transition away from fossil fuels.

The study noted, however, that of the 77% that will remain focused on oil and gas business, nearly half are mapping out strategies for low-carbon operations in the near term by 2030s. Of these, 30% of oil and gas executives said they would stay focused on oil and gas as a core business at least through 2040.

“The CEOs that we spoke to in the study are not ignoring energy transition, but it’s important to understand that a net-zero world does not mean zero hydrocarbons,” Amy Chronis, vice chairman and U.S. oil, gas and chemicals leader with Deloitte, told Hart Energy.

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