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Description

Petroleum, oil, is a interchangeable commodity that has become a fundamental fuel for the survival of society. Where approximately 95% of the global transportation energy is derived from petroleum based fossil fuels, where these fuels account for 14% of global green house emissions (source: https://www.epa.gov/ghgemissions/global-greenhouse-gas-emissions-data). However, petroleum allows a large variety of sustainability impacts to ensue, namely green house emissions and other emissions associated with transport. Further, petroleum is associated with other environmental and further human rights impacts that arise during the drilling and refining processes. Further environmental impacts ensue as a result of the detrimental consequences that follow an oil spill. Hence, it is imperative that both sustainable practices and correct practices are carried out by petroleum companies in order to mitigate the environmental impact and endeavour to decrease the associated environmental harm that arises as a result of the production processes within this industry.

Although petroleum demand globally remains high, it is imperative that corporations act within the correct production methods in order minimise the harmful environmental effects. Through publishing data pertaining to production methods, increased pressure to act within the specified guidelines is exerted on the corporations. While many organisations publish data of this nature, other corporations fail to act and produce within these guidelines thus decreasing the transparency within the sector.