Adapting Innovation Strategy of Major International Oil and Gas Companies to the Evolving Climate Agenda

Solovova, Yulia V.; Khubaeva, Alisa O.

doi:10.1007/978-3-031-19979-0_33

Cited by 2 publications

(1 citation statement)

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“…For instance, partnerships in renewable energy projects can accelerate the deployment of clean energy technologies at a larger scale (Mailhol, 2022, Midttun, et. al., 2022, Solovova & Khubaeva, 2023. TotalEnergies' community-focused projects underscore the importance of engaging with local stakeholders to understand their needs and priorities (Gagnon, 2023).…”

Section: Case Studies and Success Storiesmentioning

confidence: 99%

INTEGRATING SUSTAINABLE DEVELOPMENT GOALS INTO OIL & GAS OPERATIONS: A COMPREHENSIVE REVIEW

Stella Emeka-Okoli,

Tochukwu Chinwuba Nwankwo,

Christiana Adanma Otonnah

et al. 2024

Int. j. manag. entrep. res

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The integration of Sustainable Development Goals (SDGs) into oil and gas operations represents a critical pathway towards achieving environmental sustainability, social responsibility, and economic viability within the industry. This comprehensive review examines the methodologies, challenges, and successes of incorporating the United Nations’ SDGs into the operational frameworks of oil and gas companies. It seeks to elucidate the strategic alignments and operational adjustments necessary for the industry to contribute effectively to the global sustainability agenda. The review begins by outlining the relevance of each of the 17 SDGs to the oil and gas sector, highlighting specific goals where the industry has a significant impact, such as affordable and clean energy (SDG 7), decent work and economic growth (SDG 8), industry, innovation, and infrastructure (SDG 9), and climate action (SDG 13). It further explores the dual role of the oil and gas sector in both contributing to and mitigating against environmental challenges, underscoring the importance of transitioning towards more sustainable practices. Subsequently, the paper presents various strategies and initiatives oil and gas companies have adopted to integrate SDGs into their operations. These include enhancing energy efficiency, investing in renewable energy sources, reducing greenhouse gas emissions, improving safety standards, and fostering community engagement and economic development. The review critically assesses the effectiveness of these strategies, drawing on case studies and empirical data to highlight progress and identify areas for improvement. Moreover, the review addresses the challenges faced by the industry in aligning with the SDGs, such as technological limitations, regulatory hurdles, financial constraints, and the need for cultural change within organizations. It emphasizes the role of innovation, collaboration, and governance in overcoming these challenges. Finally, the review offers recommendations for oil and gas companies seeking to advance their contribution to the SDGs. It argues for a holistic approach that integrates sustainability into core business strategies, promotes transparency and accountability, and leverages partnerships with governments, civil society, and other industries. By doing so, the oil and gas sector can play a pivotal role in driving global progress towards sustainable development. Keywords: Integrating, Sustainable, Development goals, Oli and Gas, Operations.

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Section: Case Studies and Success Storiesmentioning

confidence: 99%