The evolution of CSR reporting in the oil and gas industry and its future direction: A conceptual review
1 Independent Researcher, Lagos, Nigeria.
2 National Open University of Abuja, Nigeria.
3 Anambra State Polytechnic, Mgbakwu, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 100–108
Article DOI: 10.30574/wjarr.2024.21.3.0664
Publication history:
Received on 18 January 2024; revised on 23 Februay 2024; accepted on 26 February 2024
Abstract:
Corporate Social Responsibility (CSR) reporting has become increasingly important for industries worldwide, particularly in sectors with significant environmental and social impacts such as the oil and gas industry. This paper presents a conceptual review of the evolution of CSR reporting within the oil and gas sector, examining its historical development, current practices, and future directions. The evolution of CSR reporting in the oil and gas industry can be traced back to growing societal and stakeholder pressures for transparency and accountability. Initially, CSR reporting focused primarily on philanthropic activities and compliance with regulations. However, with mounting concerns over environmental degradation, climate change, and social justice issues, stakeholders demanded more comprehensive reporting practices. In response, oil and gas companies have adopted various frameworks and standards, such as the Global Reporting Initiative (GRI) and the United Nations Sustainable Development Goals (SDGs), to guide their CSR reporting efforts. These frameworks help companies disclose their environmental, social, and governance (ESG) performance in a systematic and comparable manner, enhancing accountability and facilitating stakeholder engagement. Looking ahead, the future direction of CSR reporting in the oil and gas industry is likely to be shaped by emerging trends such as increased emphasis on climate-related disclosures, integration of ESG factors into corporate strategy and decision-making, and the rise of digital technologies for data collection and reporting. Moreover, there is a growing recognition of the need for industry-wide collaboration and standardization to improve the credibility and effectiveness of CSR reporting. This conceptual review highlights the evolving landscape of CSR reporting in the oil and gas industry and underscores the importance of continuous improvement and innovation in meeting the evolving expectations of stakeholders and society.
Keywords:
Evolution; CSR; Oil and Gas; Industry; Review
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