Corporate sustainability applied to large corporations in the oil industry

Abstract

Oil industry operations have a direct impact on the environment, including greenhouse gas emissions, liquid effluents and hazardous solid waste. The relationship between the oil industry and the environmental situation has given the sector a poor reputation for environmental stewardship. It is true that an environmental disaster caused by the oil industry is unpleasant and causes a great deal of impotence due to the characteristics of the fluid, causing damage not only to the environment, but also to the fauna and flora, as well as to society. In recent years, these types of companies have begun to be concerned about environmental issues, seeking to minimise their impact on the environment and society through environmental management strategies. Nowadays, there are more and more companies that are committed to including in their policies, actions that favour corporate sustainability. Sustainable development is a concept that encompasses economics, social justice, business management, politics, law and environmental science and management. Sustainable development is not only the obligation of governments; business has an important role to play in this regard. This is why, in this paper, we will focus on the corporate sustainability policies of two large corporations in the oil industry, which they have implemented to combat the main problems they cause to the environment in the course of their business. This paper aims to show how the selected companies have adopted measures over the years to reduce greenhouse gas emissions and water use in their activities, as well as increasing investment in renewable energy sources to diversify their activities.