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How are O&G companies contributing to the energy transition? A novel analytical framework for assessing sustainability strategies

Author

Listed:
  • Jaime Menéndez Sánchez

    (Orkestra-Basque Institute of Competitiveness and Deusto Business School (University of Deusto) / University of the Basque Country (UPV/EHU))

  • Jorge Fernández Gómez

    (Orkestra-Basque Institute of Competitiveness and Deusto Business School (University of Deusto))

  • Andrés Araujo de la Mata

    (University of the Basque Country (UPV/EHU), GPAC)

Abstract

Oil and gas (O&G) companies are progressively developing and adopting sustainability strategies in response to regulatory and market pressures embedded in the energy transition process. The UN’s Sustainability Development Goals (SDGs) are strongly linked to energy transitions and key to achieving successful sustainability strategies. A novel analytical framework to evaluate sustainability strategies is proposed and applied to the case study of Petronor, a refining company in the Basque Country (Muskiz, Bizkaia). The analysis helps to assess how O&G companies contribute to the energy transition by focusing on the SDGs. This first application of this framework suggests that a comprehensive understanding of an O&G company’s sustainability efforts is needed to fully evaluate its role in the energy transition.

Suggested Citation

  • Jaime Menéndez Sánchez & Jorge Fernández Gómez & Andrés Araujo de la Mata, 2021. "How are O&G companies contributing to the energy transition? A novel analytical framework for assessing sustainability strategies," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 99(01), pages 213-241.
    • Handle: RePEc:ekz:ekonoz:2021113
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    More about this item

    Keywords

    clean energy technologies; energy transition; low carbon technologies; oil and gas; sustainability strategies; sustainable development goals;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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