Independent investment research firm Innovest has released the latest of its sector-based assessments of how companies perform on corporate social responsibility. The report ranks 33 companies in the oil and gas industry.
Companies that received the highest ranking include Norsk Hydro, BP, Suncor, and Royal Dutch/Shell.
Companies that received the lowest rankings include Yukos, PetroChina, Marathon, and Surgutneftegas.
The report discussed escalating climate change risk, access to resources, corporate governance scandals and the shift towards new, lower impact products.
Juan Silva, Innovests oil and gas senior analyst, said: Some companies are reducing their exposure to climate change risk by investing in renewable energy projects and by developing natural gas and cogeneration. Theyre also recognising carbon costs in their business strategies and new project development.
The report also suggests a business case for responsible corporate behaviour, with the higher-rated companies outperforming lower-rated ones by 38.6 percentage points between 1996 and 2004.