Difficulties experienced by Latin American oil and gas companies in the integrated adoption of practices aligned with the UN SDGs

Abstract

Purpose

This paper aims to understand the difficulties faced by Latin American oil and gas (O&G) companies in adopting integrated practices aligned with the UN Sustainable Development Goals (SDG) Agenda.

Design/methodology/approach

A Delphi study was conducted with 14 experts with extensive knowledge and experience in the O&G sector to collect opinions and investigate sustainable practices in the Latin American context.

Findings

A consensus was reached after two rounds, demonstrating a unified view of sustainability experts on the difficulties faced by O&G companies to adopt practices aligned with the SDGs. The difficulties identified through the Delphi method were allocated into five clusters named: “public sector and governments,” “civil society,” “corporate issues,” “technology and innovation” and “financial aspects.” These clusters were used to discuss the main challenges associated with implementing business practices that recognize the SDGs and their achievement as a synergistic reinforcing system rather than an additive structure.

Originality/value

This study provides further insights into the underexplored subject relating to the challenges experienced by Latin American O&G companies in the implementation of the SDGs, adopting the perspective of academic and industry experts in this field. The findings can help professionals in O&G companies implement sustainable practices, policymakers in debates about futures laws and regulations and academic in future research.

Citation

Borges, F.M.M.G., Anholon, R., Rampasso, I.S., Sigahi, T.F.A.C., Moraes, G.H.S.M.d. and Leal Filho, W. (2024), "Difficulties experienced by Latin American oil and gas companies in the integrated adoption of practices aligned with the UN SDGs", Corporate Governance, Vol. 24 No. 5, pp. 1171-1186. https://doi.org/10.1108/CG-03-2023-0100