Alberto Coppo

Bringing sustainability disclosures up to an auditable ‘investor-grade’ standard can be tough for UK oil and gas companies. Explore how they can overcome data challenges in this article from @PwC_UK's Lucie Chadwick:  https://pwc.to/3YOQoNs 

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Why don't regulators look in the rearview mirror more? We regulators are really good at creating regulations - it's kind of our thing. But how do we know that we've done a good job? How do we know that we are effectively addressing a problem? Typically, we rely on feedback. If we hear a lot of voices telling us that we've screwed up, we'll revisit what we've done. But shouldn't we be more proactive than that? Can't we do better? There's a whole field of study called 'retrospective review' that does just that. It asks, "Did we achieve our desired outcomes?" and attempts to arrive at an informed answer. This work takes dedicated resources that could be deployed to address new problems rather than revisiting old ones. This makes it hard to make the case for retrospective review. However, in my opinion, this should be a core function of a well-run regulatory body. Constantly moving forward with new regulations is something of a leap of faith. Knowing what has worked and what has not would add an element of certainty that doesn't generally exist as we rush forward with regulatory initiatives. A couple of small changes would go a long way to facilitating retrospective review: 1) Clearly articulate the desired outcomes from a regulatory intervention. What are we hoping to achieve? With this clarity in hand, we can more easily return to intervention to see if it worked, and 2) Put sunset clauses in regulations. A sunset clause cancels a piece of regulation on a certain date if it is not reviewed and updated. This puts pressure on the regulator to revisit their regulations to ensure the regulatory framework is modern and innovative. Here's an older paper that contains valuable insights on elements of a high quality retrospective review program: #regulation #publicpolicy #retrospectivereview #harvard

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The recent approval by OMV Petrom to construct a renewable fuels plant at the Petrobrazi Refinery signifies a pivotal step towards sustainable energy transition in the oil and gas sector. This investment not only aligns with global trends in reducing carbon emissions but also highlights the increasing importance of integrating renewable fuels into traditional refining processes. For industry stakeholders, this development underscores the potential for similar projects to gain momentum, emphasizing the necessity for strategic planning and investment in renewable technologies. Additionally, it presents opportunities for collaborative ventures and innovation in sustainable fuel production, setting a benchmark for future projects within the industry. #Sustainability #RenewableFuels #SAF #GreenEnergy #EnergyTransition

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