Corporate social responsibility in oil and gas: Balancing business growth and environmental sustainability
1 Independent Researcher, UK.
2 Independent Researcher, Houston Texas, USA.
3 Independent Researcher, Texas USA.
Review Article
GSC Advanced Research and Reviews, 2024, 20(03), 246–266.
Article DOI: 10.30574/gscarr.2024.20.3.0352
Publication history:
Received on 18 August 2024; revised on 25 September 2024; accepted on 27 September 2024
Abstract:
Corporate Social Responsibility (CSR) has emerged as a key strategy for oil and gas companies seeking to balance business growth with environmental sustainability. This review explores the role of CSR in addressing the environmental and social impacts of oil and gas operations while maintaining profitability. The industry's reliance on fossil fuels has led to significant environmental challenges, including greenhouse gas emissions and ecological degradation. To mitigate these effects, oil and gas companies are adopting CSR initiatives that prioritize sustainability, community engagement, and transparency. This study examines how companies integrate CSR into their business models by focusing on reducing environmental footprints, enhancing operational efficiency, and investing in renewable energy sources. These efforts not only contribute to environmental protection but also enhance corporate reputation and stakeholder trust. Moreover, oil and gas companies are increasingly collaborating with governments, non-governmental organizations, and local communities to create shared value through projects that promote environmental conservation, social development, and economic growth. A key aspect of CSR in the oil and gas sector is the development of carbon offset programs, which aim to neutralize emissions through investments in reforestation and clean energy projects. Additionally, the adoption of circular economy principles, including waste reduction and resource optimization, is gaining traction as part of the industry's CSR efforts. The study also highlights the importance of transparent reporting and accountability, as stakeholders demand greater visibility into companies' sustainability practices. While CSR initiatives present opportunities for growth and innovation, they also pose challenges, particularly in balancing short-term business objectives with long-term sustainability goals. By integrating CSR into core business strategies, oil and gas companies can drive both financial performance and environmental stewardship, positioning themselves as leaders in the global energy transition. This review underscores the critical role of CSR in shaping a more sustainable future for the oil and gas industry.
Keywords:
Corporate Social Responsibility; Oil and Gas; Environmental Sustainability; Business Growth; Carbon Offset; Renewable Energy; Circular Economy; Transparency; Stakeholder Engagement; Sustainability Practices.
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
