Most Oil and Gas Companies Shunning Sustainability Goals

Most Oil and Gas Companies Shunning Sustainability Goals

Green Research, a New York-based corporate sustainability research and advisory firm, today released its latest benchmark of corporate environmental sustainability goals, this one analyzing the oil and gas industry.

The study found that the industry is distinguished by its reluctance to set specific sustainability goals. "It is striking how few of the major oil and gas companies have set public goals," said David Schatsky, principal analyst and founder of Green Research. "This industry could do a better job of meeting the expectations of investors and of the public."

The study found that just five of the 11 largest global oil and gas companies have announced any public environmental sustainability goals at all. The study considered as goals only specific commitments that deliver environmental benefits and have either quantitative targets or specific timeframes.

The research provides a quantitative analysis of the public sustainability goals of the top companies in this industry, showing how many goals each company has declared and which sustainability issues are getting the most attention.

Companies profiled include Chevron, ENI, ExxonMobil, Petrobras and Total. BP, ConocoPhillips, GazProm, PetroChina, Royal Dutch Shell, SinoPec are also mentioned.

Among the other findings:  Italian producer ENI has announced more goals than any of the other companies studied:  it has 13 sustainability goals on the books targeting issues ranging from reducing greenhouse gas emissions to obtaining environmental certifications for its operations.

Acknowledging that corporations are increasingly using sustainability goals as a point of competitive differentiation, the study finds that companies in this industry could distinguish themselves by setting specific goals for managing water consumption, preserving biodiversity and developing and using renewable energy.

The oil and gas industry sustainability goals benchmarking research is available online at greenresearch.com.

This article originally appeared on Globe-Net.

Oil derricks photo from Shutterstock.