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Global warming and climate change are major issues among scientists, industry insiders, and the U.S. population alike. NASA’s website indicates a strong consensus among scientists about global warming. “The vast majority of actively publishing climate scientists—97 percent— agrees that humans are causing global warming and climate change,” the administration says.1
The Yale Program of Climate Change Communication, furthermore, estimates that 72% of U.S. adults think global warming is happening.2
And a study conducted by PEW Research in 2021 showed that 60% of American adults (70% worldwide) were very/somewhat concerned that global climate change would harm them personally at some point in their lifetime.3
The Stratonomics-B2B™ Study provides further insight by specifically measuring the opinions of energy industry insiders, including customers, employees, managers, executives, and vendors in the sector. The research and its results provide oil and gas company leaders rare insight into the perspective of the industry stakeholders they rely on most to succeed.
In March 2024, the Stratonomics-B2B™ Study measured the degree to which energy industry insiders believe the planet’s temperature is increasing due to global warming, the stakeholders’ concerns about global warming, and various views regarding sustainability and climate change. The results are based on responses from 936 energy industry participants.
Figures 1 and 2 show the industry insiders’ beliefs and concerns about global warming.
As shown in Figure 1, most insiders (64%) believe the planet’s temperature
has significantly increased due to global warming. Figure 2 shows that
most respondents (67%) are concerned about the increase.
Figure 3 shows energy industry insiders’ agreement with different statements about sustainability and climate change. Specifically:
Yet, energy industry insiders are also cognizant of financial considerations:
Energy industry insiders agree that companies can do their part for the
environment by:
Energy industry insiders must make a tough choice. While they recognize the importance of addressing global warming, they must also deal with the financial implications of addressing it.
The Stratonomics-B2B™ Study shows that energy industry stakeholders agree that the planet’s temperature has increased due to global warming, which they believe to be a threat to humanity.
Yet, one third of them agree that climate change is a hoax designed to control the masses. To address the stakeholders’ bifurcated beliefs, oil and gas companies should provide multiple forums to discuss and clarify the issues.
Energy industry insiders agree that oil and gas companies should not give up hydrocarbons for the green-energy agenda, suggesting financial considerations are a core driver of their beliefs. Oil and gas industry executives have a tough challenge in front of them: They must take additional steps to combat global warming while being mindful of their company’s financial strategy.
Insights from this report can help oil and gas firms build a multipronged strategy for further educating energy industry stakeholders about global warming/climate change and more proactively addressing it.