The energy company of the future: Drivers and characteristics for a responsible business framework

Since the early 2010s, Nordic companies have been at the top of business rankings as the most sustainable in the world. Some are energy companies with business frameworks with a long-term approach to become carbon neutral. However, limited literature exists on what drives Nordic energy companies to implement responsible business frameworks even when they are recognized as frontrunners in sustainability and in incorporating renewable sources of energy into their portfolio. This article contributes to the literature by presenting a framework that identifies and categorizes the drivers for Nordic energy companies to implement responsible business frameworks and also by determining the characteristics of a responsible energy company. The findings are based on empirical data obtained from interviews involving high-level managers from relevant Nordic energy companies. A framework is developed and categorizes eight internal, nine connecting, and nine external drivers. The findings suggest that a responsible energy company needs to incorporate nineteen key elements to its business frameworks which served as a basis to propose a definition of the energy company of the future. The findings, and the proposed framework and definition intend to: 1) provide a better understanding of what drives energy companies towards responsible business frameworks, 2) emphasize the importance of defining the characteristics of a responsible energy company, and 3) propose a definition of the energy company of the future. This article contributes to the literature by proposing a framework that provides a broader perspective on the topic and by providing a new definition of the energy company of the future. The practical contributions come from providing a deeper understanding of the diversity of drivers for energy companies which can translate into positive effects for the energy sector with regards to public policies, legislations and regulations, and innovative business frameworks. Understanding what drives energy companies towards responsible corporate behavior is particularly relevant considering that the energy sector is crucial for achieving most of the Sustainable Development Goals.