Corporate finance: Corporate Social Responsibility in the Energy Sector.

Abstract

Qatargas created and implemented its Social Investment Policy with the aim of demonstrating its operations and service promotion. Social Investment Policy oversees the company’s operations locally as well as abroad while assisting Qatargas to not only be acknowledged but also time-honored as reactive and conscientious corporate citizen. The main areas the company funds include community development, education, environmental protection and health and safety.

1.0 Introduction

Qatargas prioritizes the aspect of corporate responsibility. The company is deeply involved in the basis of its success as a component which puts more emphasis on corporate responsibility in line with innovation, operation quality, environmental sustainability and the larger community. As an international leader in energy sector, it does not work in isolation (BAE Systems 2002). The company is intrinsically associated with societies and protection of the environment, particularly where they operate. The company’s corporate responsibility focuses on investment sustainability while promoting transparency and responsibility; because the company is dedicated to make a long term contribution to the communities they work. Qatargas strongly promotes capacity building especially within Qatar. This is mainly prompted by visibility aspects the company obtains instead of the motivation due to social investments and impact particularly its significance on QNV 2030 through corporate social responsibility initiatives. Assessment criteria have been designed with the goal of ensuring that effective and suitable projects are funded by Qatargas. As of 2011, funding and donations of the company’s social investment initiatives such as road safety education, school funding, NGOs funding and sports sponsorship was more than 6.9 million Riyals. This paper reviews an analysis of corporate social responsibility at Qatargas (Bhatia, 2004).

Corporate finance: Corporate Social Responsibility in the Energy Sector.

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2.0 Analysis

The CSR initiatives at Qatargas are categorized into four different parts including environmental sustainability, education, community development, health and safety. All these components are supported with Qatar National Vision (QNV) 2030.  In addition, Qatargas supports a variety of initiatives which foster research and development in gas production equipments and other associated matters. Some of these initiatives are funding Research Chair at Engineering Faulty at Qatar University. In the recent past, Qatargas has been an active promoter of a number of projects such as Gasna challenge that purposes to promote awareness among youth regarding LNG sector. Moreover, the company is involved in promotion of education such as sponsoring the development of classrooms at Qatar Independent Technical School (Bhattacharaya, 1999). With respect to environmental sustainability, Qatargas is a main supporter of various projects such as Jetty Boil Off Gas Recovery. Following it execution, the project contributed to the reduction of carbon emissions to approximately 1.6 million tons in the atmosphere. For Qatar, the company purposes to save about one trillion cubic feet of gas for three decades. This is one of the biggest investments for flare decrease worldwide. Qatargas has initiated beach clean-up campaign and tree planting day in the dessert that promotes protection of the environment in Qatar. Qatargas is a conscientious energy company dedicated to improving as well as increasing environmental protection in all its facilities (Boegeret.al.2008). It also esteems high standards of energy consumption, management and conservation, and dedicated to the accountable management of environment they work. Additionally, the company has developed an initiative for managing greenhouse gas. It has also set up recycling and good practices for managing solid waste, such as an operational electronic system for solid waste management process and electronic waste system, of which are compliant with global environmental standards. Other projects the company performs to ensure environmental protection include yearly Qatar Petroleum Environment campaign. Furthermore, Qatargas dedication to environmental protection demonstrates their award winning, coral preservation initiative, collaborate with Qatar’s Ministry of Environment to conduct biological and scientific in support of a sustainable conservation of coral in Qatar. Generally, Qatargas will continuously aim at enhancing efficient energy consumption in all its facilities, to ensure recurrent improvement for future generations (Aswathappa, 2001).In health and safety, the company funds various events including Global Pediatric Congress that has been involved in blood donations. Qatargas is also long term financier of Dream and Promise Benefits and a number of road safety campaigns. Regarding community development, the company is a key member of Ras Laffan Community Outreach Program that directly works with organizations to develop the northern part of Qatar. The company also collaborated with a variety of charity organizations such as Qatar Charity, Qatar Red Crescent among others to extent possible support to the larger society both locally and globally. Locally, the company invests enormously in programs as well as capacity building.

3.0 Recommendations

Much as Qatargas has been involved in various CRS, the company should integrate other energy companies in Qatar.

4.0 Conclusion

As an international energy company, Qatargas works with communities based on innovation, partnerships ingenuity and trust. Moreover, Qatargas has aligned social investments with its goals whilst dedicated to develop as well as maintain partnerships which foster sustainable economic, environment and social values of the communities they operate. Corporate responsibility is an important the company has established at all levels, which are equivalent to the company 2015 vision and QNV 2030. This leads to a cohesive and a dynamic corporate responsibility which motivate workers, just like its benefits communities.

5.0 References

Aswathappa, K. (2001), Essential of Business Environment, New Delhi, Himalaya Publishing House.

BAE Systems (2002), Corporate Social Responsibility Report 2002: BAE Systems, London, BAE Systems.

Bhatia, R.L. (2004), Corporate Renaissance in the New Millennium, New Delhi, Wheeler Publishing.

Bhattacharaya, D. (1999), “Political Parties Need to Make Commitments on Social Development”, Equinox, 1(1): 3-5.

Boeger, Nina, Murray, Rachel & Villiers, Charlotte (2008), Perspectives on Corporate Social Responsibility: Corporations, Globalisation and the Law, UK, Edward Elgar Publishing.

By admin in Essays on October 30, 2015