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Diversification and Environmental Engagement in Oil Industry
Oil companies initially pursued diversification in response to the oil crises, experimenting with new business avenues. However, this strategy largely fell out of favor by the 1980s, prompting questions about the motivations behind both the initial diversification and the subsequent withdrawal from it. Concurrently, some influential figures within the oil industry bridged connections to the environmental movement, contributing to the creation of global governance institutions like the UN Environment Program. These leaders played a pivotal role in promoting sustainable development and integrating environmental considerations into industry practices.