Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/298084 
Year of Publication: 
2024
Series/Report no.: 
WIDER Working Paper No. 2024/34
Publisher: 
The United Nations University World Institute for Development Economics Research (UNU-WIDER), Helsinki
Abstract: 
Companies in the oil, gas, and mining sectors face ever intensifying scrutiny over their environmental, social, and governance (ESG) practices and impacts: from civil society but also from investment funds and other stakeholders with ESG mandates. Companies with good practices-and the paper documents significant progress since 2000-can deliver substantial benefits to host economies: both local and national. The paper suggests further ways in which they could enhance their impacts in partnerships with government. Unfortunately, there are also companies that are at best cynical about their ESG impacts, or uncaring: the worst outcomes arise when they coexist with exclusive governments favouring elite interests. The paper also discusses the issues arising for companies from the eventual stranding of fossil fuels: international companies may exit oil and coal, and shift to renewables, at a much faster rate than national oil companies. The latter pose a potential macroeconomic risk.
Subjects: 
Africa
extractive industries
mining
natural gas
oil
JEL: 
L71
L72
M21
Q35
Persistent Identifier of the first edition: 
ISBN: 
978-92-9267-492-2
Document Type: 
Working Paper

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