Study of Economic, Environmental, and Social Indicators on the Sustainable Development Approach of Oil and Gas Epc Companies

Abstract

Oil and Gas industry is a vital sector of the global economy. There are materials and energetic flow in the consumer economy, and they are both caused and determined by industrial applications. The industrial sector is universally acknowledged as essential to growth and economic generation, despite its negative connotations associated with ecological damage and depletion of resources. Included in the criteria are environmental effects, financial, and standards of ethics for Engineering, Procurement, and Construction (EPC) firms, which span the three pillars of sustainability (environment, economical, and socially). Only a few of Indian companies - including L&T, Reliance, Petrofac, Mc-Dermott, Saipem, Foster Wheeler, Aker Solutions, Punj Lloyd, operate in the Oil Engineering, Procurement, and Construction (EPC) industry. The methodology may be used by any sector, although more detailed indicators will need to be established on an individual basis. The architecture may be implemented into the system gradually using a modular strategy. By using the right criteria, the model also connects the dots between the micro and macro levels of sustainable development. So, it's a tool that businesses can use to evaluate how well they're doing in terms of the principles of sustainable development.

The role of HR in environmental sustainability initiatives within the oil and gas sector

“…Resistance to change, regulatory hurdles, and the need for new competencies are just a few of the obstacles that HR must navigate. However, by leveraging case studies and best practices from within the sector, HR professionals can identify effective strategies for overcoming these challenges (Huddar & Joshi, 2022). The evolution of HR's role in environmental sustainability is a dynamic process, reflecting the sector's ongoing adaptation to global environmental imperatives.…”