Sustainable Development in the Oil and Gas Sector: Considering Economic, Environmental and Social Aspects

Year 2023, Volume: 5 Issue: 2, 303 - 308, 30.08.2023

Ekrem Alagoz

Abstract

Although the oil and gas sector is vital to the growth of the world economy, it also faces severe environmental and social problems. Achieving sustainability in the sector necessitates striking a balance between economic, environmental, and social factors. The oil and gas industry's struggles to adopt sustainable practices are covered in this manuscript's overview of sustainability in that sector. It explores how industry can be more sustainable in terms of the economy, environment, and society, and it highlights ways to do this. The paper also explores the value of reporting on sustainability efforts and offers examples of sustainable business strategies in action. The final section of the manuscript examines the future of sustainability in the oil and gas sector, covering new trends and problems, chances for innovation and teamwork, and a call to action for stakeholders in the sector to prioritize sustainability.

Keywords

Sustainability, Energy transition, Carbon neutrality, Green technologies, Stakeholder engagement

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