Ernst & Young recently surveyed 300 executives from 16 countries with at least $1billion in annual revenue on their plans surrounding climate change. Twenty respondents represented the oil and gas industry. Here’s what they said…

  • 85% said their organization currently has an enterprise-wide climate change program or will launch one in the next 12 months.
  • 80% expect climate change spending to increase between 2010 and 2012.
  • 90% communicate greenhouse gas or carbon emissions data in an annual corporate social responsibility or sustainability reports.
  • 72% of those have greenhouse gas or carbon data verified by an independent third party.
  • Across the board, O&G companies are launching climate change initiatives to
    • generate new revenue opportunities,
    • respond to competitive threats,
    • respond to customer demand,
    • preserve and protect the company brand, and
    • reduce energy and carbon costs and prevent regulatory fines or penalties.
Herb Listen, the author of this report, is the the climate change and sustainability lead in Ernst & Young’s O&G Center. Access the full report at www.ey.com/ccassexecutivesurvey.