How Oil and Gas Companies Responded to the ESG Movement Term Paper

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Managing Organizational ChangeThe ESG Movement and the Oil and Gas IndustryThe ESG movement is a global push for environmental, social, and corporate governance reform. It focuses on improving corporate sustainability practices, reducing their environmental footprints, and promoting responsible business practices. The movement has gained momentum in recent years, as more companies have become aware of the importance of sustainability and the need to take action. Companies are now expected to implement ESG principles in order to stay competitive and meet the needs of stakeholders. This includes investing in renewable energy sources, setting science-based targets, and reducing emissions. In addition, companies are also encouraged to promote diversity, reduce waste, and improve employee welfare.The ESG movement has become increasingly important for companies to adhere to in order to stay competitive. Not only does it allow them to reduce their environmental footprint, but it also helps them to improve their reputation and build trust with stakeholders (Capelle-Blancard & Petit, 2019). As such, companies are now expected to demonstrate their commitment to ESG principles through public reporting, transparent disclosure, and the implementation of sustainable practices. Furthermore, investors are increasingly taking into account a company’s ESG performance when making their investment decisions, which is further driving companies to adopt ESG principles.The ESG movement has significantly impacted the oil and gas industry, as companies have been forced to transition away from their reliance on fossil fuels and toward more sustainable energy sources (Sharfman, 2021). This has required them to invest in renewable energy sources, reduce their emissions, and improve their corporate governance practices. Additionally, as investors are increasingly taking into account a company’s ESG performance when making their investment decisions, oil and gas companies have been forced to become more transparent about their sustainability practices in order to remain competitive.Change Images at BP and ExxonBP is a multinational oil and gas company based in London, England. It is one of the world’s largest publicly traded companies and is listed on both the London Stock Exchange and the New York Stock Exchange. The company is involved in exploration, production, refining, marketing, and distribution of oil and gas products. Exxon is an American multinational oil and gas corporation based in Irving, Texas. It is the world’s largest publicly traded international oil and gas company and is listed on the New York Stock Exchange. The company is involved in exploration, production, refining, marketing, and distribution of oil and gas products.

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DirectorBP has appointed a Chief Sustainability Officer and formed a Sustainability Executive Leadership Team to lead the company\'s transition to more sustainable practices. Furthermore, the company has committed to setting science-based targets and has adopted a net-zero ambition by 2050.Exxon has responded to the ESG movement by emphasizing its commitment to developing cleaner energy sources, reducing its carbon footprint, and investing in research and development to find new ways to capture and store carbon dioxide (Hanson, 2013).…

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…its ESG goals.ConclusionOverall, both BP and Exxon have responded to the ESG movement in similar ways, by transitioning to low-carbon energy sources, setting science-based targets, and investing in green technologies. Both companies have also launched initiatives and formed partnerships in order to meet their goals. However, the two companies differ in their approaches to the movement; while BP has adopted a net-zero ambition by 2050, Exxon has instead chosen to focus on improving energy efficiency and reducing emissions. Based on the results of the change, it appears that both BP and Exxon employed a combination of the Director, Navigator, and Interpreter images in order to facilitate the transition to more sustainable practices. The Director image was used to set the direction and goal for the company, while the Navigator image was used to create initiatives and partnerships to help meet these goals. Finally, the Interpreter image was employed to implement the changes and ensure that they were being met. In terms of which image best represented the change agent at either or both of the companies, it is impossible to definitively say. However, based on the information provided it appears that the Navigator image was the most prominent, as this image was used to create initiatives and form partnerships in order to meet the company\'s goals. This suggests that the leader of the change at both BP and Exxon was someone who was able to identify opportunities for change and….....

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"How Oil And Gas Companies Responded To The ESG Movement", 21 January 2023, Accessed.13 May. 2024,
https://www.aceyourpaper.com/essays/oil-gas-companies-responded-esg-movement-2178816
   

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