New studies show that oil and gas companies are providing larger quantities of ESG data than their transport, mining, and utilities counterparts.
According to a recent study by Inmarsat, a world leader in global, mobile satellite communications, 35 percent of oil and gas firms are currently using internal environmental, social and governance (ESG) focused (ESG) data to proactively engage with investors on the topic of sustainability. This puts them ahead of all other industries surveyed, including transport (32 percent), mining (31 percent), utilities (25 percent), and agriculture (23 percent). The insight comes as the sector is struggling to recruit new investors and facing additional scrutiny on reaching sustainability targets.
Despite a willingness to engage on ESG data, a significant proportion of oil and gas businesses report they are still struggling to measure tangible outcomes. Fifty percent claim it is difficult to measure progress against environment-focused metrics, while 43 percent feel the same when it comes to social and 39 with corporate governance measurements.
The majority of oil and gas firms say Internet of Things (IoT) devices are the key to enabling greater understanding of sustainability progress. More than 75 percent plan to increase their use of IoT solutions to more accurately measure and understand the impact of their sustainability initiatives over the next year, while 81 percent believe those tools are critical to improving sustainability.
The expected uptick in IoT usage across oil and gas firms could have a significant impact on broader sustainability outcomes, especially given the importance of the industry in the transition to a low-carbon future.
However, in order to get the most from these solutions – particularly for those based in remote, rural locations – satellite connectivity is essential. Networks such as Inmarsat’s ELERA can provide ultra-reliable global connectivity to support IoT-based data collection, analytics and reporting, and enable businesses to accurately measure and communicate progress more efficiently.