Introduction to Petrochemical Production
Petrochemical production is considered one of the most unfriendly industries to nature. However, petrochemicals are active drivers of the green course. They implement system solutions that reduce the impact on the environment and launch new technological and business processes, creating new chains of upcoming strategic growth and industry integration.
Reducing Emissions into the Environment
First of all, the environmental initiatives of oil companies aim to reduce various environmental emissions. Participants of the Oil and Gas Climate Initiative have announced plans to reduce the carbon footprint of their products (Hashmi et al., 2020). Their goal for the next few years is to reduce the industry’s carbon footprint by 36 to 52 million tons of CO2 equivalent annually (Shekarian et al., 2022). According to scientists, this is comparable to the emissions of four to six million private homes (Shekarian et al., 2022). Such a reduction will support the Paris Agreement on Climate Change goals.
Renewable Energy Sources
Petrochemistry is an energy-intensive industry; large-scale industries seek to reduce the carbon footprint of their products by connecting them to renewable energy sources. The most affordable types of energy are hydro and wind power plants, as well as solar electricity. The oil and gas sector already widely applies environmental innovations (Yee et al., 2021). First of all, solutions for recycling and reclamation of waste can be noted. In addition, oil and gas companies are beginning to show interest in renewable energy sources and hydrogen technologies.
Profitability
Potentially, ecological innovations can generate trillions of dollars for individual companies and entire industries and countries. Scientists have analyzed the possible high profit from new technologies that ensure the integration of renewable sources and the oil and gas industry (Olugu et al., 2022). After the companies announced their intention to become a clean energy supplier, their shares began to rise in price (Fantke et al., 2021). Therefore, the market itself is ready to encourage the introduction of eco-friendly solutions in the oil and gas industry.
References
Fantke, P., Cinquemani, C., Yaseneva, P., Mello, J. D., Schwabe, H., Ebeling, B., & Lapkin, A. A. (2021). Transition to sustainable chemistry through digitalization. Chem, 7(1), 2866–2882. Web.
Hashmi, M. H., Khan, M., & Ajmal, M. M. (2020). The impact of internal and external factors on sustainable procurement: A case study of oil and gas companies. International Journal of Procurement Management, 10(5), 1–21. Web.
Olugu, E. U., Wong, K. Y., Chung, C. Y., & Mammedov, Y. (2022). Incorporating sustainability and maintenance for performance assessment of offshore oil and gas platforms: A perspective. Sustainability, 14(2), 807. Web.
Shekarian, E., Ijadi, B., Zare, A., & Majava, J. (2022). Sustainable supply chain management: A comprehensive systematic review of industrial practices. Sustainability, 14(7892), 1–30. Web.
Yee, F. M., Shaharudin, M. R., Ma, G., Zailani, S. H., & Kanapathy, K. (2021). Green purchasing capabilities and practices towards Firm’s triple bottom line in Malaysia. Journal of Cleaner Production, 307(3), 47–54. Web.