July 2024 | David Chinalu Anaba, Azeez Jason Kess-Momoh, Sodrudeen Abolore Ayodeji
The paper "Sustainable Procurement in the Oil and Gas Industry: Challenges, Innovations, and Future Directions" by David Chinalu Anaba, Azeez Jason Kess-Momoh, and Sodrudeen Abolore Ayodeji explores the critical role of sustainable procurement in the oil and gas sector. The authors highlight the increasing global concerns over environmental impact and societal expectations, emphasizing the need for sustainable practices. Key challenges in sustainable procurement include economic feasibility, environmental impact mitigation, social responsibility, and navigating complex regulatory landscapes.
Innovations such as technological advancements, process improvements, material innovations, and collaborative efforts are discussed as pivotal in overcoming these challenges. Case studies from leading companies, such as Shell, TotalEnergies, and Chevron, demonstrate successful implementation of sustainable procurement strategies, providing best practices and benchmarks for industry standards. Emerging trends include adopting circular economy principles, supply chain transparency, and integrating sustainability metrics in supplier evaluations.
The paper also emphasizes the importance of benchmarking against global standards to facilitate continuous improvement and accountability, ensuring alignment with environmental, social, and governance (ESG) criteria. Policy recommendations stress the need for regulatory enhancements and international cooperation to incentivize sustainable practices and harmonize standards across jurisdictions. A strategic framework for sustainable procurement is proposed, encompassing goal-setting, stakeholder engagement, innovation, and continuous improvement.
Future research should focus on lifecycle analysis, circular economy solutions, social impact assessments, technological innovations, and policy effectiveness to address existing gaps and drive sustainable procurement innovation in the oil and gas industry. The authors conclude that sustainable procurement is a critical pathway towards achieving environmental stewardship, social responsibility, and economic resilience, and that continued efforts are essential for a sustainable future.The paper "Sustainable Procurement in the Oil and Gas Industry: Challenges, Innovations, and Future Directions" by David Chinalu Anaba, Azeez Jason Kess-Momoh, and Sodrudeen Abolore Ayodeji explores the critical role of sustainable procurement in the oil and gas sector. The authors highlight the increasing global concerns over environmental impact and societal expectations, emphasizing the need for sustainable practices. Key challenges in sustainable procurement include economic feasibility, environmental impact mitigation, social responsibility, and navigating complex regulatory landscapes.
Innovations such as technological advancements, process improvements, material innovations, and collaborative efforts are discussed as pivotal in overcoming these challenges. Case studies from leading companies, such as Shell, TotalEnergies, and Chevron, demonstrate successful implementation of sustainable procurement strategies, providing best practices and benchmarks for industry standards. Emerging trends include adopting circular economy principles, supply chain transparency, and integrating sustainability metrics in supplier evaluations.
The paper also emphasizes the importance of benchmarking against global standards to facilitate continuous improvement and accountability, ensuring alignment with environmental, social, and governance (ESG) criteria. Policy recommendations stress the need for regulatory enhancements and international cooperation to incentivize sustainable practices and harmonize standards across jurisdictions. A strategic framework for sustainable procurement is proposed, encompassing goal-setting, stakeholder engagement, innovation, and continuous improvement.
Future research should focus on lifecycle analysis, circular economy solutions, social impact assessments, technological innovations, and policy effectiveness to address existing gaps and drive sustainable procurement innovation in the oil and gas industry. The authors conclude that sustainable procurement is a critical pathway towards achieving environmental stewardship, social responsibility, and economic resilience, and that continued efforts are essential for a sustainable future.