Sectoral sustainability and sustainability assessment methodologies: A review of methodology in light of collaboration with the UK oil and gas sector

This paper discusses methodologies that have been employed to give insights into business performance in relation to sustainable development, both at a sectoral and corporate level. From consideration of different sectoral sustainable development methodologies, some key issues and good practice related to their derivation are elaborated. These issues are then further illustrated by a detailed comparison between three sustainable development methodologies that have been used in the UK offshore oil and gas industry. The methodologies chiefly differ in terms of how they address the problem of comparing different impacts across potentially non-commensurable dimensions, one proceeding through explicit monetary valuation, another through implicit valuation of different options and another through presentation of an unaggregated framework of indicators. The paper concludes by identifying the different situations in which use of these different methodologies is appropriate.