There are several innovation trends taking shape in the oil and gas industry to address sustainable energy opportunities and market development:
- The creation of the “new, fully optimized” digital oil field with more sophisticated information technology - using distributed sensors, high speed communication and data mining techniques to use real-time data to make better decisions and to get more barrels out of each asset.
- Energy efficient technologies to access and process hard to reach, lower quality, and new types of oil and gas.
- Development of alternative and advanced fuels and renewable energy generation technologies.
These innovations can be combined to create high performing, efficient companies and help to expand the use of renewable and clean liquid transportation fuels and renewable energy generation.
Three particular areas of importance are: cooperation with policy makers and regulators to develop national energy plans, increasing operational energy efficiency, and investing in new renewable fuels and renewable energy generation.
Three particular areas of importance are: cooperation with policy makers and regulators to develop national energy plans, increasing operational energy efficiency, and investing in new renewable fuels and renewable energy generation.
The Business Opportunity Presented by Sustainable Energy for All
In taking actions to advance the three objectives of Sustainable Energy for All, the extent of this unprecedented, rapid change will provide companies with new opportunities to drive sustainable business value in a manner that aligns to their core strategies. To seize these opportunities, there are four engagement modalities companies can address as they implement the identified priority actions:
- Core Business - Operations: Businesses can transform their operations through increased energy efficiency and the use of renewable energy alternatives.
- Core Business - Products and Services: Businesses can innovate and modify their core products and services to meet the new and developing market demands for
- Creating new business models
- Collaborating to develop new markets
- Developing new products and services
- Moving from products to services
- Improving energy efficiency
- Streamlining supply chain and logistics
- Reducing raw material consumption
- Changing operations to reuse waste to monitization
more energy efficient products, sustainable energy, and the infrastructure needed to extend energy access around the world.
3. Social Investment and Philanthropy: Businesses can identify ways to establish a strategic link between social investments and their core strategies to increase the likelihood that such activities will be sustained and able to reach scale.
4. Advocacy and Public Policy Engagement: Businesses can seek to engage governments (national, regional, or local) on relevant issues that protect competitiveness and drive opportunities, while working toward the objectives of Sustainable Energy for All.
Sustainable Energy for All provides a platform to address global financial, social, and environmental concerns associated with energy. Ultimately, in working toward the achievement of the three objectives of the initiative—energy access, energy efficiency, and increased
• Showcasing innovation
• Collaborating to increase transparency • Improving community involvement
• Engaging stakeholders
• Contributing to policy agendas
• Protecting “License to Operate”
• Integrating risk management activities
• Diversifying business model and operations
use of renewables—businesses also have significant opportunities to drive sustainable value. Especially important are four value levers related to revenue growth, cost reduction, brand enhancement, and risk management.
Which Actions Will your Company Take to Drive Value?
The particular actions a company chooses to drive business value depend on a range of factors: its unique attributes and energy characteristics; its business model, corporate strategy and consumer base; and external factors such as level of regulation and economic context.
Sustainable Energy for All
The Ten Principles of the UN Global Compact
Corporate sustainability starts with a company’s value system and a principled approach to doing business. This means operating in ways that, at a minimum, meet fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption.
Responsible businesses enact the same values and principles wherever they have a presence, and know that good practices in one area do not offset harm in another.
By incorporating the Global Compact principles into strategies, policies and procedures, and establishing a culture of integrity, companies are not only upholding their basic responsibilities to people and planet, but also setting the stage for long-term success.
The UN Global Compact’s Ten Principles are derived from: the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption.
Human Rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Labour
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: the elimination of discrimination in respect of employment and occupation.
Environment
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
Source: United Nations Global Compact
