actions that can help environmental performance in the oil and gas industry
Environmental performance shows how dedicated a company is in the fight against environmental pollution. Environmental performance is defined as the environmental management efforts of a company towards environmental conservation. The following actions can help environmental performance in the oil and gas industry;
The recycling of matters. It is one of the most effective ways of improving the industry’s environmental performance. The industry should come with innovative recycling techniques that will help reduce the amount of natural resources used in the industry. For instance, the industry can reduce the amount of fresh water used in everyday operations by encouraging the use of biological methods, for example, the use of iron-reducing bacteria and sulfate instead of using chemicals. This will help reduce the amount of water used and also reduce the release of chemicals to the environment.
The second strategy involves the use of environmental management systems. These systems help to create a connection between the industry and government (Nonmarket environment), thus promoting environmentally sound industrial development (Liverpool Business School, n.d. pg. 11). These programs play a significant role in helping to plan for the impact on the environment from oil and gas development. They also help in addressing the effects of pollution caused by the oil and gas industry to the ecosystem by the industries’ operations. Lastly, these systems enable the oil and gas industry to come up with plans for unavoidable emergencies as well as the plans for the most effective cleanup methods. The systems ensure that companies in the oil industries operate with the scope of local, national, and international regulations.
All industries in the world have realized the importance of a low carbon environment. A low carbon society refers to a society in which all the parties collaborate to reduce the amount of carbon dioxide emitted to the environment. Creating a low carbon society helps to create new opportunities in the following ways; For one, a low carbon society encourages the use of renewable sources of energy instead of the nonrenewable sources of energy that result in carbon emission. The use of renewable sources of energy, therefore, create opportunities for solar panel and wind turbine industries to increase the production of their products (Hao, 2017, pg. 1).
Secondly, the transition to a low carbon society helps to unlock a huge amount of money that can be used for investments. A 2017 report revealed that the transition to a low carbon society would unlock approximately $23 trillion for new investments (Simpson, 2018, pg. 1).
The low carbon society encourages the use of technology, thus saving on resources used for production. Different companies have understood the need for sustainability, making these companies position themselves so that they can enjoy the benefits of the green economy. This can only be achieved through the creation of emissions reductions targets aimed at creating a low carbon environment in line with science requirements (Simpson, 2018, pg. 1).