Environmental, social, and governance (ESG) performance has become a financial variable for hydrocarbon producers, shaping the channels through which sustainability affects corporate value. This paper integrates three previous analyses – a multicriteria assessment of the impact of ESG ratings in the hydrocarbon sector, an empirical study of the relationship between ESG and the cost of capital across 393 listed oil and gas firms, and a mapping of low-carbon finance and operational strategies – to trace ESG in the industry from measurement to mechanism to market access.
