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Evaluation of Maturity in Environmental, Social, and Governance (ESG) Risks Mitigation and Safety Climate in the Oil and Gas Company, Bojonegoro

Author

Listed:
  • Kezia Ginting

    (Institute Technology of Bandung, Indonesia)

  • Katharina Oginawati

Abstract

Environmental, Social, and Governance (ESG) has become a rapidly growing instrument worldwide, driven by commitments to enhance environmentally sustainable economic growth as outlined in the 2015 Paris Agreement. Companies in Indonesia are increasingly emphasizing the importance of ESG in their business activities due to the potential impact on the environment and society, including the oil and gas companies. Environmental and social risks can affect the sustainability of a company, while safety climate plays a role in the safety and well-being of workers. The study used a descriptive qualitative approach. It also used NOSACQ-50 questionnaires to assess the safety climate and identify environmental and social management system (ESMS) elements using the toolkit from the International Finance Corporation (IFC) at the Bojonegoro oil and gas company. The result of the ESMS IFC matrix concludes that the maturity of Bojonegoro’s oil and gas company in mitigating ESG risks needs to be more prepared to mitigate ESG risks as preparation progresses towards optimal operations, whilst the safety climate has an average score of 3.40, which means that the safety climate can be maintained and developed.

Suggested Citation

Handle: RePEc:epw:develo:v:4:y:2024:i:4:id:15364
DOI: 10.24018/ejdevelop.2024.4.4.364
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