Environmental conservation is also being promoted in the oil industry

By: Franyi Sarmiento, Ph.D., Inspenet, July 7, 2022

International Soil Conservation Day has been celebrated every July 7 since 1963. This particular day was chosen in honor of the American scientist Hugh Hammond Bennett, who dedicated his life to demonstrate that soil care directly influences the productive capacity of the soil.

The main purpose of this day is to make people aware of the fundamental importance of land in the fragile environmental balance.

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Climate variations and anthropogenic activity have been the main drivers of soil erosion and desertification, an alarming phenomenon that knows no boundaries.

Environmental conservation in the oil industry

About half of the investment (USD $431 billion during the 21st century) in activities that promote better environmental care comes directly from the oil industry.

Far beyond regulatory requirements, the industry has been the main promoter of the development of mechanisms for the transfer of best environmental care practices. The creation of IPIECA (International Petroleum Industry Environmental Conservation Association) by the industry is an excellent example.

A compelling finding from industry research is that prevention is better: a proactive scheme, where research and development is constantly invested in, tends to result in a much lower cost (by about a quarter) compared to a reactive scenario, where an incident has to be remediated.

The oil industry also understands that its ability to minimize environmental impact is fundamental for society to continue to support its activities in the communities where it operates, understanding that they are a force for positive development. In this regard, it has generated investments of hundreds of billions of dollars to reduce its environmental footprint. In the United States alone, between 2000 and 2014, $431 billion has been invested (more than half was by oil exploration and production companies) in activities that promote better environmental stewardship: from carbon capture and sequestration to greater use of renewable sources.

Sources: https://www.diainternacionalde.com/ficha/dia-internacional-conservacion-suelo – https://pulsoenergetico.org/blog/seguridad-y-medio-ambiente/