When it comes to the focus for the world’s energy industry, decarbonisation is the number one priority. As the clock ticks nearer to the global net zero deadline of 2050, that focus is becoming more and more intense.

For example, the recent COP28 world climate action summit launched the Global Decarbonization Accelerator, which included an oil and gas decarbonization charter signed by 50 companies representing over 40 per cent of global oil production

Communicating your decarbonisation journey is complex. Saying the right things to the right people is critical. The wrong word or phrase can easily undermine your creditability. That’s why we’ve developed our detailed sustainability glossary to help you.

Navigating the path towards decarbonisation is challenging for companies grounded in oil and gas. We’ve talked previously about the need to understand what sustainability means. But focusing too much on the bigger picture can be overwhelming. When it comes to your company, marginal gains can be the best way toward net zero.

Emissions are often measured and assessed within the scopes 1,2 and 3. These come from the Greenhouse Gas Protocol, the most widely used standard. Scope 1 refers to emissions that a company directly controls such as from manufacturing processes. Scope 2 covers indirect emissions from the energy you use, such as from the production of the electricity that powers your equipment. Scope 3 encompasses indirect emissions from your supply chain and is the most challenging to control.

Many companies are wholeheartedly committed to net zero roadmaps and have adopted initiatives targeting scope 1 and 2. These might range from switching to greener energy providers and adopting the UN’s Sustainable Development Goals to increasing circularity in product manufacture. But addressing scope 3 and achieving net zero targets often appears unsurmountable.

The danger lies in losing momentum as the enormity of the end goal looms large. Enthusiasm can wane if people don’t see some short-term progress. Keeping them onside to sustain the drive is essential.

A strategic approach to communication can maintain momentum both internally among your staff and externally as your other stakeholders come to understand and appreciate your decarbonisation goals.

Internally, celebrating even the smallest victories in your organisation can energise support. These wins can range from carbon accounting (link to sustainability glossary) of things like emission reductions from changing over vehicle fleets to EVs, to developing a successful Life Cycle Assessment (LCA) system for your business.

From an external brand perspective, investors want to understand not only your strategic vision for decarbonisation, but also evidence of the gains you’re making. It’s crucial to communicate your decarbonisation roadmap transparently and authentically. To do that you need to properly understand the specific words and phrases around sustainability. Our sustainability glossary will help you talk with clarity and confidence.

Communicating your decarbonisation strategy with your supply chain to get their buy-in can propel you toward scope 3 targets. A clearly defined communication program that demonstrates your commitment to a sustainable future will be pivotal in attracting the next generation of talent to your organisation.

At Fifth Ring, we understand the challenges of communicating your decarbonisation pathway – the bigger picture and the marginal gains. We make sure our clients communicate with confidence and authenticity. Sign up today for notifications of the latest posts in our ESG Insights series.