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

Jaime Menéndez-Sánchez (), Jorge Fernández-Gómez and Andrés Araujo- de-la-Mata
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Jaime Menéndez-Sánchez: Orkestra-Basque Institute of Competitiveness, Deusto Foundation, 20012 Donostia-San Sebastián, Spain
Jorge Fernández-Gómez: Orkestra-Basque Institute of Competitiveness, Deusto Foundation, 20012 Donostia-San Sebastián, Spain
Andrés Araujo- de-la-Mata: Faculty of Economics and Business, University of the Basque Country UPV/EHU, 48015 Bilbao, Spain

Energies, 2023, vol. 16, issue 6, 1-19

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.

Keywords: oil and gas; energy transition; decarbonization; corporate sustainability; innovation; sustainable development goals; industrial clusters (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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