KBRA Releases ESG Research – The Power of the Stakeholder: March 2023 Oil Majors Update

NEW YORK–(BUSINESS WIRE)–#KBRA–KBRA releases research that examines the sustainability commitments of oil majors BP, Royal Dutch Shell, ExxonMobil, and Chevron. The report—an update to KBRA’s previous April 2021 research on this subject—also discusses regulatory developments, greenwashing accusations, and legal actions surrounding these companies, along with their potential implications.

The global backlash against environmental, social, and governance (ESG) considerations has been mounting steadily since last year. Still, global investors are increasingly embracing ESG—a trend fueled heavily by stakeholder demand. As ESG’s popularity widens, many high-polluting industries are under rising scrutiny to adopt more sustainable activities. The oil and gas industry is particularly at risk of seeing financial and reputational consequences relating to ESG, as fossil fuels are the largest global driver of greenhouse gas (GHG) emissions. Oil and gas majors are encountering intense stakeholder pressure to develop achievable sustainability strategies and make progress on emissions reduction goals. Moreover, they must contend with various interest groups’ litigation efforts—especially liability lawsuits, which have become far more common in the last decade.

Click here to view the report.

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KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.


Arianne Schreier, Associate

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Emilie Nadler, Director

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Pat Welch, Chief ESG and Ratings Policy Officer

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