Here we investigate the potential of voluntary CSR initiatives for preventing oil spills, ask to what extent CSR can be effective and to what extent CSR should supplant or complement mandatory regulation. There are two generic responses for changing the behavior of companies with regard to oil spill prevention: mandatory government regulation or voluntary initiatives often pursued under the banner of Corporate Social Responsibility (CSR). Major oil spills normally occur from oil installations and oil tankers that are under operational control of companies, that is, oil companies and tanker owners. Key words: Corporate Social Responsibility oil spill prevention oil spills petroleum regulation voluntary regulation INTRODUCTION It is not suggested that CSR should be abandoned however, new hybrid forms of regulation that combine voluntary and mandatory elements are advocated. Some of CSR’s key limitations are highlighted. Government regulation played a significant part in these improvements whereas it is less clear to what extent CSR played a significant part in these improvements. The study finds that oil spill prevention has generally improved over recent decades. The analysis includes ten oil companies from OECD countries (including Exxon and Shell, among others) and 10 oil companies from non-OECD countries (including Brazil’s Petrobras and Indian Oil, among others).
A global perspective on voluntary mechanisms is taken by looking at the progress of 20 oil and gas firms from around the world toward oil spill prevention, using the companies’ 2010 sustainability reports for self-reported oil spill information.
Here we investigate to what extent voluntary CSR initiatives can be effective in oil spill prevention. Major oil spills normally occur from oil pipelines and oil tankers that are under operational control of companies, namely, oil companies and tanker owners.
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