Whether one believes that oil is the lifeblood of our modern society, or that we need to rapidly transition to more sustainable forms of energy, it is clear that society will be using petroleum for decades to come. In this post and in those that follow, I’ll describe my present work as well as underline the importance of responsibly produced oil. As it stands, despite the ubiquity of petroleum products in our global economy, there is no internationally implemented standard to monitor the social and environmental impacts of its exploration and production. Through a collective effort that brings together petroleum exploration and production companies (E&Ps), NGOs, academics, governments and indigenous and local communities, my company, Equitable Origin LLC, has created the first stakeholder-negotiated rating system for the oil and gas industry that is objective and verifiable.
Our standard, the EO100 recognizes and rewards world-class performers in the oil and gas industry while ensuring transparency as well as environmental and social accountability. It also allows certified operators to differentiate themselves quantifiably, based on their social and environmental performance, and to realize the added financial and brand value associated with certification. By developing this standard, EO is also creating a new marketplace for responsibly-produced oil and its derivatives, akin to those created for FairTrade Certified coffee, Kimberly conflict-free diamonds and Forest Stewardship Council Certified paper products.
If you’re interested in the work of Equitable Origin please visit our website.