The importance of social value
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Oil and gas companies have long taken Environmental, Social and Governance (ESG) issues very seriously. Many have significantly reduced their emissions footprint, some are investing in renewable and alternative energy sources, and others are pursuing carbon capture technologies and natural carbon sinks.
But while media attention has concentrated on the ‘environmental’ aspect of oil and gas, the ‘social’ element often receives less focus. For oil and gas companies, getting that narrative right on ‘social’ has broad ramifications: better access to capital, stronger employee engagement, improved corporate reputation and reinforcement of the licence to operate.
With social increasingly the key to future success, those companies that use the dimension as a source of value creation are most likely to thrive in any energy transition. We look at how the oil and gas sector can articulate and deliver a purpose-driven social narrative that contributes to the greater good, attracts ongoing investment and talent, and drives sustainable growth.