The Week That Shook the Oil Industry to Its Core
A Turning Point for the Oil Industry
It’s been an extraordinary week.
In a major coup for people and the planet, Exxon Mobil shareholders voted two new
directors onto their board this week to ensure the oil giant does more to tackle climate
change and re-direct its business toward a sustainable future.
In the same week, two other corporate giants were brought to their knees by
those determined to make a difference. Chevron Corporation, the owners of Texaco and
Noble Energy, was forced to adopt a resolution by its shareholders to reduce its carbon
emissions. Meanwhile, on the other side of the Atlantic, British-Dutch oil and gas
multinational Shell was ordered by a Dutch court to lower its greenhouse gases by 45%.
A Battle for the Future of Business
What we are witnessing is an ongoing battle for the future of business, not just in
the oil industry but across the corporate landscape. It’s a battle between the
old guard defenders of the status quo and a fast-growing vanguard of investors,
consumers, and employees who are tired of listening to the self-serving motives of
short-term-focused executives and financial opportunists.
Time is quickly running out for those who still believe that profit comes before people and the planet.
Sustainability at the Core of Business Strategy
Sustainability is moving to the core of business strategy—exactly where it
needs to be in the 21st century. Treating CSR/ESG as a ‘nice to have,’ a bolt-on
afterthought, or merely a ‘social license to operate’ is no longer enough.
The Tools for Change Exist
There are tried and tested tools, technologies, and approaches developed over many years that ensure change is not only possible but practical. Change is deniable, but it is also inevitable. Those who embrace it will not only ensure their business survives the coming decade but thrives in a way that meets the needs, wants, and desires of all stakeholders.
About the Author
Neil Gaught is the conceiver of Single Organizing Idea (SOI®) and the author of two books, CORE and The CORE Playbook.
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