The Oil & Gas (O&G) sector is considered one of the major contributors to environmental impacts due to its intensive reliance on fossil resources and significant release of greenhouse gases. However, it also represents a key sector for the adoption of circular economy (CE) strategies to address these challenges and advance toward achieving the Sustainable Development Goals (SDGs). Accordingly, the present research aims to examine how the O&G sector's commitment to the SDGs influences and supports the circular transition. Starting from developing a CE performance index based on the SDGs, the study aims to explore the impact of some firms' characteristics on the SDG-based performance index for CE. More in detail, adopting a legitimacy theory perspective, the empirical analysis focuses on a global sample of firms operating in O&G sector, highlighting how variables related to size and corporate governance attributes influence firms' ability to implement CE practices in line with the SDGs effectively. The study has drawn several implications that could have broader relevance for policymakers, industry practitioners, and academia, fostering a more comprehensive understanding of the challenges and opportunities associated with embracing CE principles for sustainable development in hard-to-decarbonise sectors. Lastly, limitations and future research directions are provided.
Unveiling the Relationship between Circular Economy Performance and Sustainable Development Goals: An Empirical Analysis in the Oil & Gas Sector
Sica D
;Supino S
2024-01-01
Abstract
The Oil & Gas (O&G) sector is considered one of the major contributors to environmental impacts due to its intensive reliance on fossil resources and significant release of greenhouse gases. However, it also represents a key sector for the adoption of circular economy (CE) strategies to address these challenges and advance toward achieving the Sustainable Development Goals (SDGs). Accordingly, the present research aims to examine how the O&G sector's commitment to the SDGs influences and supports the circular transition. Starting from developing a CE performance index based on the SDGs, the study aims to explore the impact of some firms' characteristics on the SDG-based performance index for CE. More in detail, adopting a legitimacy theory perspective, the empirical analysis focuses on a global sample of firms operating in O&G sector, highlighting how variables related to size and corporate governance attributes influence firms' ability to implement CE practices in line with the SDGs effectively. The study has drawn several implications that could have broader relevance for policymakers, industry practitioners, and academia, fostering a more comprehensive understanding of the challenges and opportunities associated with embracing CE principles for sustainable development in hard-to-decarbonise sectors. Lastly, limitations and future research directions are provided.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
