CLIMATE RISK ASSESSMENT IN PETROLEUM OPERATIONS: A REVIEW OF CSR PRACTICES FOR SUSTAINABLE RESILIENCE IN THE UNITED STATES AND AFRICA

Authors

  • Olushola Babatunde Ayorinde Independent Researcher, Canada
  • Cosmas Dominic Daudu Nigeria LNG Limited, Bonny Island, Nigeria
  • Emmanuel Augustine Etukudoh Independent Researcher, Abuja, Nigeria
  • Adedayo Adefemi Chevron Nigeria Limited, Nigeria
  • Oladipo Olugbenga Adekoya Nigeria LNG Ltd, Bonny Island, Rivers State, Nigeria
  • Chinelo Emilia Okoli Independent Researcher, Lagos, Nigeria

DOI:

https://doi.org/10.51594/estj.v5i2.801

Abstract

Climate risk assessment has emerged as a critical component in the sustainability efforts of petroleum operations, given the increasing frequency and severity of climate-related events. This paper provides a comprehensive review of Corporate Social Responsibility (CSR) practices employed in the United States and Africa to enhance sustainable resilience in the face of climate risks within the petroleum industry. In the United States, where stringent environmental regulations and public scrutiny prevail, petroleum companies have adopted a range of CSR practices to assess and mitigate climate risks. These practices encompass comprehensive environmental impact assessments, carbon footprint reduction initiatives, and the integration of renewable energy sources into their operations. The paper explores how these CSR practices contribute to the overall resilience of petroleum operations in the United States. In contrast, Africa presents a diverse landscape with varying levels of regulatory frameworks and industrial practices. The paper delves into the unique challenges and opportunities faced by petroleum operations on the African continent in managing climate risks. It highlights the role of CSR practices in promoting sustainable development, community engagement, and ecosystem conservation as integral components of climate risk resilience. The review emphasizes the importance of a holistic approach to climate risk assessment, considering both the environmental and social dimensions of petroleum operations. It sheds light on the need for collaboration between industry stakeholders, governments, and local communities to develop effective CSR strategies that enhance resilience while fostering sustainable practices. By synthesizing insights from both the United States and Africa, this paper contributes to the global discourse on climate risk management in the petroleum industry. It underscores the significance of CSR practices as instrumental tools for achieving sustainable resilience and fostering a harmonious coexistence between petroleum operations and the environment in diverse geopolitical contexts.

Keywords: Climate Risk, Risk Assessment, Petroleum, CSR, USA, Africa, Review.  

Published

2024-02-17

How to Cite

Olushola Babatunde Ayorinde, Cosmas Dominic Daudu, Emmanuel Augustine Etukudoh, Adedayo Adefemi, Oladipo Olugbenga Adekoya, & Chinelo Emilia Okoli. (2024). CLIMATE RISK ASSESSMENT IN PETROLEUM OPERATIONS: A REVIEW OF CSR PRACTICES FOR SUSTAINABLE RESILIENCE IN THE UNITED STATES AND AFRICA. Engineering Science & Technology Journal, 5(2), 385-401. https://doi.org/10.51594/estj.v5i2.801

Issue

Section

Articles