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Different shades of green: Global oil and gas companies and renewable energy

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We strongly believe oil and gas will still be needed in future but we also know we have to do things differently and …..we are building a renewable energy business, not because we have to, but because we want to. There is tremendous growth in that sector and we want to be part of that. It makes sense to utilise our project-management skills from oil and gas to offshore wind.” (Irene Rummelhoff, EVP-New Energy Solutions at Statoil quoted in Macalister, 2016).

Abstract

The long-term energy transition from fossil fuels to renewable energy raises critical questions about the future of oil and gas firms. This study asks why some oil and gas firms are committed to renewable energy while others continue to maintain a distinct fossil fuels focus with little or no investment in renewable energy. The analysis reveals that there is a wide range in the degree to which oil and gas firms have invested in renewable energy. Some firms have no investments and others have investments in multiple renewable energy technologies across many countries. We examine a combination of country-based institutional factors and firm-based knowledge and experience factors that could impact oil and gas firms’ decisions to invest in renewable energy activity. Regulative and normative pressures impacted renewable energy investments as did environmental citizenship and the degree of internationalization. The study’s integration of country-level factors with firm-level experiences provides insights into how firms are dealing with the energy transition. By examining areas such as sustainability and regulatory policy, the paper sheds light on the ways in which scholars can tap into measures and methods that can extend traditional IB research.

Resume

La transition énergétique à long terme des combustibles fossiles aux énergies renouvelables soulève des questions cruciales sur l’avenir des entreprises pétrolières et gazières. Cette étude tente de comprendre pourquoi certaines entreprises pétrolières et gazières s’engagent dans les énergies renouvelables alors que d’autres continuent à se concentrer sur les combustibles fossiles avec peu ou pas d’investissements dans les énergies renouvelables. L’analyse révèle que le degré d’investissement des entreprises pétrolières et gazières dans les énergies renouvelables est très variable. Certaines entreprises n’ont pas investi et d’autres ont investi dans de multiples technologies d’énergie renouvelable dans de nombreux pays. Nous étudions une combinaison de facteurs institutionnels nationaux et de facteurs liés aux connaissances et à l’expérience des entreprises qui pourraient avoir une incidence sur les décisions des entreprises pétrolières et gazières d’investir dans les énergies renouvelables. Les pressions réglementaires et normatives ont eu un impact sur les investissements dans les énergies renouvelables, tout comme la citoyenneté environnementale et le degré d’internationalisation. L’intégration, dans l’étude, de facteurs nationaux et d’expériences au niveau des entreprises donne un aperçu de la manière dont les entreprises font face à la transition énergétique. En examinant des domaines tels que la durabilité et la politique réglementaire, l’article offre des éclairages sur les moyens par lesquels les chercheurs peuvent exploiter des mesures et des méthodes qui peuvent élargir la recherche traditionnelle de l’IB.

Resumen

La transición energética a largo plazo de combustibles fósiles a energías renovables plantea preguntas críticas sobre el futuro de las empresas de petróleo y gas. Este estudio se pregunta por qué algunas empresas de petróleo y gas están comprometidas con las energías renovables, mientras que otras siguen manteniendo un enfoque distinto de los combustibles fósiles con poca o ninguna inversión en energía renovable. El análisis revela que existe una amplia gama en el grado en que las empresas de petróleo y gas han invertido en energía renovable. Algunas empresas no tienen inversiones y otras tienen inversiones en múltiples tecnologías de energía renovable en muchos países. Examinamos una combinación de factores institucionales basados en el país y factores de conocimiento y experiencia basados en empresas que podrían afectar las decisiones de las empresas de petróleo y gas de invertir en actividades de energía renovable. Las presiones regulatorias y normativas afectaron las inversiones en energías renovables, al igual que la ciudadanía ambiental y el grado de internacionalización. La integración del estudio de los factores a nivel de país con experiencias a nivel de empresa proporciona información sobre cómo las empresas están tratando con la transición energética. Al examinar áreas como la sostenibilidad y la política regulatoria, el documento arroja luz sobre las formas en que los estudiosos pueden aprovechar las medidas y los métodos que pueden extender la investigación tradicional de negocios internacionales.

Resumo

A transição energética de longo prazo de combustíveis fósseis para energia renovável levanta questões críticas sobre o futuro de empresas de petróleo e gás. Este estudo pergunta por que algumas empresas de petróleo e gás são comprometidas com energia renovável, enquanto outras continuam mantendo um foco distinto em combustíveis fósseis, com pouco ou nenhum investimento em energia renovável.A análise revela que existe uma ampla variação no grau em que empresas de petróleo e gás investiram em energia renovável. Algumas empresas não têm investimentos e outras têm investimentos em várias tecnologias de energia renovável em muitos países. Examinamos uma combinação de fatores institucionais com base no país e fatores de experiência e conhecimento com base na empresa que podem afetar decisões de empresas de petróleo e gás em investir em atividades relacionadas a energia renovável. Pressões regulatórias e normativas impactaram os investimentos em energia renovável, assim como a cidadania ambiental e o grau de internacionalização. A integração feita pelo estudo de fatores no nível do país com as experiências no nível da empresa fornece insights sobre como empresas estão lidando com a transição de energia. Ao examinar áreas como sustentabilidade e política regulatória, o artigo lança luz sobre maneiras pelas quais acadêmicos podem explorar medidas e métodos que podem estender a pesquisa tradicional em IB.

摘要

从化石燃料到可再生能源的长期能源转型对石油和天然气公司的未来提出了紧迫的问题。这项研究提出问题, 为什么一些石油和天然气公司致力于可再生能源, 而另一些公司却继续保持聚焦于化石燃料, 很少或根本没有对可再生能源投资。分析表明, 石油和天然气公司在可再生能源投资的程度上差距很大。一些公司没有投资, 而另一些公司则在许多国家/地区投资了多种可再生能源技术。我们研究了可能会影响石油和天然气公司投资可再生能源活动决定的国家制度因素和公司知识与经验因素的组合。监管和规范压力影响了可再生能源投资, 环境公民身份和国际化程度也是如此。该研究将国家层面的因素与企业层面的经验相结合, 提供了有关企业如何应对能源转型的洞见。通过研究诸如可持续性和监管政策等领域, 本文阐明了学者们可以利用哪些措施和方法来扩展传统IB研究的路径。

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Author notes

  1. Julia Hartmann, Andrew Inkpen, and Kannan Ramaswamy have contributed equally to this work.

Authors and Affiliations

  1. EBS Business School, EBS Universität für Wirtschaft und Recht, Burgstrasse 5, 65375, Oestrich-Winkel, Germany

    Julia Hartmann

  2. Seward Chair in Global Strategy, Thunderbird School of Global Management, Arizona State University, 400 E. Van Buren Street, Suite 900, Phoenix, AZ, 85004, USA

    Andrew C Inkpen

  3. William D. Hacker Chair, Thunderbird School of Global Management, Arizona State University, 400 E. Van Buren Street, Suite 900, Phoenix, AZ, 85004, USA

    Kannan Ramaswamy

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  1. Julia Hartmann
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Accepted by Alain Verbeke, Editor-in-Chief, 10 March 2020. This article has been with the authors for three revisions.

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Hartmann, J., Inkpen, A.C. & Ramaswamy, K. Different shades of green: Global oil and gas companies and renewable energy. J Int Bus Stud 52, 879–903 (2021). https://doi.org/10.1057/s41267-020-00326-w

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