IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v16y2023i6p2552-d1091196.html
   My bibliography  Save this article

Sustainability Strategies by Oil and Gas Companies, Contribution to the SDGs and Local Innovation Ecosystems

Author

Listed:
  • Jaime Menéndez-Sánchez

    (Orkestra-Basque Institute of Competitiveness, Deusto Foundation, 20012 Donostia-San Sebastián, Spain
    Deusto Business School, University of Deusto, 48007 Bilbao, Spain
    Faculty of Economics and Business, University of the Basque Country UPV/EHU, 48015 Bilbao, Spain)

  • Jorge Fernández-Gómez

    (Orkestra-Basque Institute of Competitiveness, Deusto Foundation, 20012 Donostia-San Sebastián, Spain
    Deusto Business School, University of Deusto, 48007 Bilbao, Spain)

  • Andrés Araujo-de-la-Mata

    (Faculty of Economics and Business, University of the Basque Country UPV/EHU, 48015 Bilbao, Spain
    Built Heritage Research Group (GPAC), 01006 Vitoria-Gasteiz, Spain)

Abstract

Oil and gas (O&G) companies are facing increasing pressure to transform their businesses in order to contribute effectively to the transition from an economy based on fossil fuels to one driven by clean energy technologies. Understanding how O&G companies can define actions to comply with the United Nations’ Sustainable Development Goals (SDGs) and, specifically, how they can generate a positive impact in terms of sustainability through technology innovation becomes relevant in order to guarantee the success of such transformation. To explore this issue, this article analyzes, using a case study research methodology, the sustainability strategy of an O&G company in the Basque Country region (Spain) that is undergoing a profound transformation of its overall business strategy. In particular, the analysis focuses on how the company’s innovation and research and development (R&D) activities and projects related to clean technologies contribute to fulfilling the energy- and non-energy-related SDGs. The main result of the analysis is the identification and characterization of an emerging complex public–private multi-stakeholder business and innovation ecosystem surrounding the O&G company under scrutiny with a clear focus on low-carbon technologies. This ecosystem channels knowledge and innovation synergies and spillovers at the local and regional levels, encouraging green industrial growth in different value chains, and provides insights about how O&G companies can contribute effectively to the SDGs and, at the same time, increase the sustainability of their businesses.

Suggested Citation

  • Jaime Menéndez-Sánchez & Jorge Fernández-Gómez & Andrés Araujo-de-la-Mata, 2023. "Sustainability Strategies by Oil and Gas Companies, Contribution to the SDGs and Local Innovation Ecosystems," Energies, MDPI, vol. 16(6), pages 1-19, March.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:6:p:2552-:d:1091196
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/16/6/2552/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/16/6/2552/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Tamara Antonia Krawchenko & Megan Gordon, 2022. "Just Transitions for Oil and Gas Regions and the Role of Regional Development Policies," Energies, MDPI, vol. 15(13), pages 1-14, July.
    2. Edi Lukin & Aleksandra Krajnović & Jurica Bosna, 2022. "Sustainability Strategies and Achieving SDGs: A Comparative Analysis of Leading Companies in the Automotive Industry," Sustainability, MDPI, vol. 14(7), pages 1-15, March.
    3. Boon, Marten, 2019. "A Climate of Change? The Oil Industry and Decarbonization in Historical Perspective," Business History Review, Cambridge University Press, vol. 93(1), pages 101-125, April.
    4. Nourelfath, Mustapha & Lababidi, Haitham M.S. & Aldowaisan, Tariq, 2022. "Socio-economic impacts of strategic oil and gas megaprojects: A case study in Kuwait," International Journal of Production Economics, Elsevier, vol. 246(C).
    5. Tatyana Ponomarenko & Oksana Marinina & Marina Nevskaya & Kristina Kuryakova, 2021. "Developing Corporate Sustainability Assessment Methods for Oil and Gas Companies," Economies, MDPI, vol. 9(2), pages 1-21, April.
    6. McCauley, Darren & Heffron, Raphael, 2018. "Just transition: Integrating climate, energy and environmental justice," Energy Policy, Elsevier, vol. 119(C), pages 1-7.
    7. Inga Mezinova & Milena Balanova & Oleg Bodiagin & Elima Israilova & Elmira Nazarova, 2022. "Do Creators of New Markets Meet SDGs? Analysis of Platform Companies," Sustainability, MDPI, vol. 14(2), pages 1-19, January.
    8. Chaiyapa, Warathida & Esteban, Miguel & Kameyama, Yasuko, 2018. "Why go green? Discourse analysis of motivations for Thailand's oil and gas companies to invest in renewable energy," Energy Policy, Elsevier, vol. 120(C), pages 448-459.
    9. David J. Teece & Gary Pisano & Amy Shuen, 1997. "Dynamic capabilities and strategic management," Strategic Management Journal, Wiley Blackwell, vol. 18(7), pages 509-533, August.
    10. Adam Jaffe & Richard Newell & Robert Stavins, 2002. "Environmental Policy and Technological Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 41-70, June.
    11. Tian, Jinfang & Yu, Longguang & Xue, Rui & Zhuang, Shan & Shan, Yuli, 2022. "Global low-carbon energy transition in the post-COVID-19 era," Applied Energy, Elsevier, vol. 307(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lehua Gao & Yue Zhang & Kejie Lu, 2024. "A Study on the Driving Mechanism of Chinese Oil and Gas Companies’ Transition to Renewable Energy," Sustainability, MDPI, vol. 16(18), pages 1-24, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mäkitie, Tuukka & Normann, Håkon E. & Thune, Taran M. & Sraml Gonzalez, Jakoba, 2019. "The green flings: Norwegian oil and gas industry’s engagement in offshore wind power," Energy Policy, Elsevier, vol. 127(C), pages 269-279.
    2. Sanni, Maruf, 2018. "Drivers of eco-innovation in the manufacturing sector of Nigeria," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 303-314.
    3. Mitja Ruzzier & Evan J. Douglas & Maja Konečnik Ruzzier & Jana Hojnik, 2020. "International Entrepreneurial Orientation and the Intention to Internationalize," Sustainability, MDPI, vol. 12(14), pages 1-19, July.
    4. Arsani Alina & Stefan George, 2024. "Energy Transition and European Sub-Models. Restructuring EU Economy," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 86-101.
    5. Valeria Costantini & Francesco Crespi & Giovanni Marin & Elena Paglialunga, 2016. "Eco-innovation, sustainable supply chains and environmental performance in European industries," LEM Papers Series 2016/19, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    6. Samantha A. Sharpe & Cristina M. Martinez-Fernandez, 2021. "The Implications of Green Employment: Making a Just Transition in ASEAN," Sustainability, MDPI, vol. 13(13), pages 1-19, July.
    7. Swen Nadkarni & Reinhard Prügl, 2021. "Digital transformation: a review, synthesis and opportunities for future research," Management Review Quarterly, Springer, vol. 71(2), pages 233-341, April.
    8. Kibaek Lee & Jaeheung Yoo & Munkee Choi & Hangjung Zo & Andrew P Ciganek, 2016. "Does External Knowledge Sourcing Enhance Market Performance? Evidence from the Korean Manufacturing Industry," PLOS ONE, Public Library of Science, vol. 11(12), pages 1-19, December.
    9. Panagiotis Trivellas & Georgios Malindretos & Panagiotis Reklitis, 2020. "Implications of Green Logistics Management on Sustainable Business and Supply Chain Performance: Evidence from a Survey in the Greek Agri-Food Sector," Sustainability, MDPI, vol. 12(24), pages 1-29, December.
    10. Jiatong Yu & Jiajue Wang & Taesoo Moon, 2022. "Influence of Digital Transformation Capability on Operational Performance," Sustainability, MDPI, vol. 14(13), pages 1-20, June.
    11. Carrión-Flores, Carmen E. & Innes, Robert, 2010. "Environmental innovation and environmental performance," Journal of Environmental Economics and Management, Elsevier, vol. 59(1), pages 27-42, January.
    12. Chinho Lin & Ming-Lung Hsu & David C. Yen & Ping-Jung Hsieh & Hua-Ling Tsai & Tsung-Hsien Kuo, 2013. "Prototype system for pursuing firm’s core capability," Information Systems Frontiers, Springer, vol. 15(3), pages 497-509, July.
    13. Chin‐jung Luan & Chengli Tien & Pei‐hua Wu, 2013. "Strategizing Environmental Policy and Compliance for Firm Economic Sustainability: Evidence from Taiwanese Electronics Firms," Business Strategy and the Environment, Wiley Blackwell, vol. 22(8), pages 517-546, December.
    14. Adrian Gourlay & Jonathan Seaton, 2004. "The determinants of firm diversification in UK quoted companies," Applied Economics, Taylor & Francis Journals, vol. 36(18), pages 2059-2071.
    15. John A. Parnell, 2017. "Cronyism from the Perspective of the Firm: A Cross-National Assessment of Nonmarket Strategy," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 32(Fall 2017), pages 47-74.
    16. Abiodun Tope Samson, 2015. "The Impact of Entrepreneurial Orientation, Reconfiguring Capability and Moderation of Environmental Turbulence on Export Performance of SMEs in Nigeria," Journal of Economics and Behavioral Studies, AMH International, vol. 7(3), pages 76-87.
    17. McCauley, Darren & Pettigrew, Kerry, 2023. "Building a just transition in asia-pacific: Four strategies for reducing fossil fuel dependence and investing in clean energy," Energy Policy, Elsevier, vol. 183(C).
    18. Piñeiro-Chousa, Juan & López-Cabarcos, M. Ángeles & Romero-Castro, Noelia María & Pérez-Pico, Ada María, 2020. "Innovation, entrepreneurship and knowledge in the business scientific field: Mapping the research front," Journal of Business Research, Elsevier, vol. 115(C), pages 475-485.
    19. Baldwin, Carliss Y. & Bogers, Marcel L.A.M. & Kapoor, Rahul & West, Joel, 2024. "Focusing the ecosystem lens on innovation studies," Research Policy, Elsevier, vol. 53(3).
    20. Tobias Knabke & Sebastian Olbrich, 2018. "Building novel capabilities to enable business intelligence agility: results from a quantitative study," Information Systems and e-Business Management, Springer, vol. 16(3), pages 493-546, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:16:y:2023:i:6:p:2552-:d:1091196. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.