Abstract
In the oil industry, reputations of companies have been increasingly challenged as the combustion of fossil fuels has been perceived to be changing the climate and threatening society. Scholars have developed important literature on the topic to better understand motivations behind the environmental strategies employed by organizations from wealthy nations, but little attention is given to companies from developing countries. This article aims to explore environmental strategies adopted by Petrobras, a Brazilian oil company. The end of its oil production and exploration monopoly, its internationalization and major environmental accidents have contributed to shifting the company towards a more active environmental role. Brazil’s government, investors, NGOs, internal scientists and regulatory institutions are among the most influential stakeholders in relation to Petrobras’ climate change positioning. This research has also found evidence that NGOs, in particular, not only exercise direct pressure, but also use the media and regulatory institutions to influence the company
Highlights
Increasing competition, globalization of markets and better informed consumers have forced companies to pay more attention to the non-financial aspects of their operations, to those related to their Corporate Social Responsibility (CSR)
Climate change refers to a change in climate that is attributed directly or indirectly to any human activity that alters the composition of the global atmosphere beyond natural climate variability observed over comparable time periods (UNFCCC, 2004)
Combustion of fossil fuels is responsible for a significant proportion of global greenhouse gas (GHG) emissions, which is considered to be driving climate change (Austin and Sauer, 2002)
Summary
Increasing competition, globalization of markets and better informed consumers have forced companies to pay more attention to the non-financial aspects of their operations, to those related to their Corporate Social Responsibility (CSR). The idea that government is solely responsible for the well being of the population is outdated. Both society and the private sector are partially responsible, and have increased their engagement in socially responsible activities (Mazurkiewicz and Grenna, 2003). There has been increasing debate about the impact of large oil companies’ activities and products on the environment. These organizations are important players in the world economy and emerging discussions such as those related to climate change have jeopardized their reputation among different stakeholders. As society tries to develop an appropriate response to the challenge of climate change, the position of the oil industry is crucial
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