Although commodity trading plays a pivotal role in global value chains by connecting raw material producers to end-users, the sector is fraught with ethical and environmental controversies, including allegations of greenwashing, labor exploitation, and ecological degradation. For instance, Glencore, one of the world’s largest commodity traders, has faced criticism despite its public commitments to decarbonization. These challenges highlight the pressing need for integrating Environmental, Social, and Governance (ESG) principles within an industry often defined by opacity and profit-driven norms. This study leverages privileged field access, gained through years of professional engagement with a leading commodity trading firm, to examine how organizational power dynamics and industry-wide cultural norms shape traders’ resistance or adherence to ESG principles. Addressing the dual challenges of resource scarcity and organizational resilience, the research draws on nearly 25 in-depth interviews—with traders, risk and ESG officers, and regulators—aiming for a final sample of over 30 participants. Field observations from internal meetings and industry conferences further enrich the analysis. Using Pierre Bourdieu’s constructs of field, habitus, and capital, alongside Abrahamson’s macroculture framework, this study offers a multi-dimensional perspective on the cultural, structural, and individual barriers to ESG adoption. Findings reveal entrenched cultural resistance and systemic barriers within the industry, underscoring the necessity of organizational transformation. The study proposes actionable pathways for aligning short-term profitability with long-term sustainability goals, emphasizing the importance of reorganization to address resource scarcity and advocating for collective approaches to resource governance.
