Corporate Social Responsibility (CSR) Implementation in Oil & Gas Industry: Challenges and Solutions

Abstract

Lately researchers and leadership have committed to a more pertinent thoughtfulness in the CSR domain and its planned inferences. The absence of a generally acknowledged explanation has driven some characterize it as an idea/ a procedure/a hypothesis, while others refer to it as an action or a set of exercises. Additionally, CSR has been inscribed under innumerable names. For example, terms like ‘corporate citizenship’, ‘worldwide citizenship’, ‘corporate social responsiveness’, ‘key charity’ and ‘otherworldly free enterprise’ are used now and again contingent to the desired reference. Consequently, these monikers and translations prompt disarray among those who mean to study or actualize the training into their business procedures. CSR has appeared as a pivotal approach to address the social and environmental consequences of a company’s day-to-day operations. As the externalities produced by these companies is expected to grow exponentially, they are often predictable to assist in addressing many of the world’s most tenacious problems (education, change in climate, poverty, and greenhouse effect, to name a few). With increasing expectations from businesses, this paper pragmatically explores if CSR is capable to deliver on these expectations. It does so by investigating an industry that has been constantly at the epicentre of the CSR development: The Oil & Gas sector. This paper explores the conceivable of CSR for addressing the impactful challenges by comprehensively looking at the major companies from developed as well as emerging economies.