Future Magnifying Change in International Supply Chain Context that Demonstrates the Importance of Sustainability

Academic Paper from the year 2021 in the subject Business economics - Supply, Production, Logistics, grade: A, University of Ibadan, language: English, abstract: It is important to stress that this paper will focus on the environmental issue associated with sustainable development and the country of choice in the United Kingdom (UK). The choice of the environment in this paper is to inform on the ground that the environment is most noticeably awful affected by human economic activity while it is the place where the present generation and the future generation would reside. It has become progressively apparent that the environment assumes a major part in the wilder agenda for sustainable development. Also, the choice of the UK is informed on the ground that immediately after the Rio summit, the government have started to show genuine concern regarding sustainable development and regarding the probable environmental effect. The country has legislation that has instituted regulations that oversee oil exploration among which are Regulations 2005; Offshore Chemical Regulations 2002; Food and Environment Protection Act 1985 (as amended); Merchant Shipping (Prevention of Oil Pollution) Regulations 1996 and so on.

One of the industries under pressure from government, media, investors and stakeholders to demonstrate sustainable development is the oil and gas industry. This being as a result of the negative impact of their operations on the environment, economy and social equity. Now, it is becoming clearer that they either comply or take their companies elsewhere. Many oil and gas companies have been affected and they have started to facilitate the implantation of sustainable practices. Also, the need to meet shareholders demand and stay competitive is sacrosanct. What sustainability is, differed in literature but the approach is the same, every oil and gas company are required to safeguard the environment, economy and social equity.

Supply chain management has been regarded as one of the important promotional factors of sustainability in an organization. Sustainability is one of the important topics of interest in supply chain management and organization, to be precise oil and gas companies have been considering it and some have made their decision.