Investigation Into Stakeholders’ Influence on The Environmental Strategies of Oil Companies - A Case Study of Petrobras

In the oil industry, reputations of companies have been increasingly challenged as the combustion of fossil fuels has been perceived to be changing the climate and threatening society. Scholars have developed important literature on the topic to better understand motivations behind the environmental strategies employed by organizations from wealthy nations, but little attention is given to companies from developing countries. This article aims to explore environmental strategies adopted by Petrobras, a Brazilian oil company. The end of its oil production and exploration monopoly, its internationalization and major environmental accidents have contributed to shifting the company towards a more active environmental role. Brazil’s government, investors, NGOs, internal scientists and regulatory institutions are among the most influential stakeholders in relation to Petrobras’ climate change positioning. This research has also found evidence that NGOs, in particular, not only exercise direct pressure, but also use the media and regulatory institutions to influence the company