There is growing pressure on environmental resources, including biodiversity and ecosystem and water resources, in many parts of the world, creating both risks and opportunities for the industry.
The oil, gas and alternative energy sector undertakes activities to help conserve and restore the natural environment as well as to avoid, reduce and mitigate risks and impacts from operations and products. The sector is working towards embedding circularity, nature positive, and natural capital concepts into operations, with several companies making new ambitious commitments to conserving biodiversity within their strategies.
Companies have an important opportunity to leverage and share their long-standing knowledge and experience when it comes to managing environmental and social performance to address potential impacts associated with increased mining for the raw materials necessary to support growth in alternative energy.
While the Global Biodiversity Framework (GBF) - set to be launched at COP15 - is aimed at governments, the industry can serve as an essential partner in supporting them to achieve the targets set by the GBF by integrating responsible environmental practices, such as the mitigation hierarchy, within its operations and sharing its existing knowledge of environmental management with other energy and industry sectors.