CORPORATE SOCIAL RESPONSIBILITY OF TRANSNATIONAL CORPORATIONS OPERATING IN THE OIL INDUSTRY
Abstract
The article examines the peculiarities of oil transnational corporations' activities and their impact on the economy, social sphere, and environment. It is determined that the implementation of corporate social responsibility (CSR) by transnational corporations (TNCs) is determined by the specifics of the oil and gas industry, in particular high environmental risks, resource intensity, and social tensions in the regions of extraction. It has been established that the significant political influence of corporations, combined with economic influence, creates risks of human rights violations, social tensions, conflicts with local communities, and ecosystem degradation. The components of corporate social responsibility, including environmental, ethical, social, and economic, are analyzed. The stages of the process of implementing corporate social responsibility by oil TNCs have been identified: analysis of impact and setting priorities; formation of a CSR strategy; integration of CSR into operational activities; monitoring and auditing of CSR compliance; reporting and feedback to investors and the public; independent assessment and improvement of CSR. The problems of implementing CSR by oil TNCs are systematized in four key aspects (environmental, social and legal, strategic and investment, and managerial and regulatory) and ways to solve them are proposed. The main indicators for assessing the effectiveness of CSR in terms of its implementation have been identified. Using the example of leading oil TNCs such as Shell, BP, TotalEnergies, Chevron, and Equinor, it is shown that effective CSR is ensured by the integration of long-term sustainable development strategies, partnerships with local communities and government agencies, investments in green technologies, and transparency of operations. The study confirms that the implementation of CSR in oil TNCs contributes to strengthening reputation, increasing economic stability, and forming a responsible environmental and social impact on the regions where they operate.
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