Beyond Oil Extraction: Building Lasting Relationships between Oil Producing Firms and Host Communities through Sustainable Energy Initiatives

Abstract

In a world grappling with climate change, resource depletion and increasing poverty due to economic imbalances, the old model of resource extraction is not sustainable. Furthermore, building sustainable and lasting relationships between the oil producing firms and communities could be considered as more sustainable option to energy initiatives. Hence, the objective of this paper is to explore post-extraction welfare of host communities of oil producing companies in-line with the challenges of resource depletion, climate change, imperativeness of renewable energy, environmental concerns as well as social and economic benefits of adopting renewable energy using primary and secondary sources of data. The study proposes solutions to these challenges as well as highlighting the role of different stakeholders in this process.