A leading exploration and production company, while it had an existing set of sustainability initiatives, lacked a clear strategy. Looking into the future, however, it saw sustainability as an increasingly important source of competitive advantage, and so sought BCG's help in defining a more comprehensive and strategic approach.
BCG collaborated with the company on three major efforts. A comprehensive analysis of stakeholder expectations sought to understand the priorities of each key stakeholder segment, for example, investors, partners, external experts, and company executives. A benchmarking effort identified industry best practices and priorities. Finally, bringing these insights together, we worked with the company to define a new sustainability strategy, a business case, and supporting initiatives—and to develop a comprehensive implementation plan.
The assessment yielded a detailed map of the required enablers needed to support the effort and a reshaped sustainability organization to drive the plan. Most important of all, the work led to a clear framework to evaluate the company’s future sustainability initiatives—ensuring that the changes would have a lasting effect.