Big Oil and the traditional energy sector is being forced to transform fast in this post-Covid, new ESG-focused era. Here are 6 ways it's happening (and a good thing for women), from Kathryn Pavlovsky, Deloitte Energy.
Securities and Exchange Commission
and other regulatory bodies are developing new reporting rules, based on demands from investors amid confusion due to the current array of voluntary reporting systems. Pavlovsky insists that, among Big Oil and the energy sector players overall, “there is a welcoming and a reception to receiving the additional guidance, to drive the consistency in the reporting…to having a roadmap.” She said these rules would enable more accurate comparisons between companies and industries.
Now for the hard part though. The pandemic forced the energy sector to address all this low-hanging fruit in their business models and operations to reduce emissions and pivot to the new demands. “We're now getting to a place in the journey where it's getting harder,” Pavlovsky says. But the energy sector can play a crucial role in ESG 2.0. “They also recognize they can be a really significant part of the solution….. can contribute. Whether it's our technological solutions, whether it's the talent that we bring to the market, we actually have a real role in shaping this across industries and sectors globally.”
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