Tracking Corporate Stewardship of Environmental Services-Opportunities of Big Data Applications and Long Term Value
- Nigel H Wright (Due Diligence Royal HaskoningDHV London Westminster)
- Document ID
- Society of Petroleum Engineers
- SPE International Conference and Exhibition on Health, Safety, Security, Environment, and Social Responsibility, 16-18 April, Abu Dhabi, UAE
- Publication Date
- Document Type
- Conference Paper
- 2018. Society of Petroleum Engineers
- 7.2.1 Risk, Uncertainty and Risk Assessment, 7 Management and Information, 7.2 Risk Management and Decision-Making
- legacy assets, Due Diligence, Risk, environment, sustainability
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The value of global environmental services may change by 30-50$billon depending upon global strategies of growth, and the degree of stewardship versus naked market forces. While corporations and governments claim holistic care and responsibility for environment in their publications, how is this accounted for and assured across assets portfolios? In the age of transparency, stock market analysts and the financial industry are seeking non-financial metrics as indicators for sustainable business profitability.
Maintenance and improvement of ecosystem functioning is fundamental to the sustainability of eco resources and value increase, while progressive deterioration (due to pollution erosion, loss and fragmentation) will devalue assets. The advent of "big data" in this global digital age opens up powerful new opportunities to investigate remotely the health status of environmental resources processes, over wide geographic areas. By smart integration of technologies and systematic "ground truthing" in critical areas, GIS linked data bases provide a powerful platform to evaluate the status of Eco services and the economic and wider value of eco services. A critique of the cutting edge techniques and future applications will be presented together with opportunities to share and unlock development barriers. The development of such tools provide a penetrating insight into the stewardship of land, coastal and marine resources and "live" metrics of changing values.
Transparency demands around the globe will lead to government to holds companies accountable for stewardship of national assets. Both the public and private sectors will be increasingly required to maintain proper records of the value of environmental assets, and rectify losses or deteriorations.
Cutting edge insights into key sectors (finance, insurance, energy, shipping) will highlight how such data could be applied to benchmarking, assessing risks of future activities and the distillation of the financial exposure from legacy assets and pollution events. Ultimately, when owners finally decide to divest or undertake mergers and acquisitions past stewardship will feature in environmental due diligence, the bottom line and global reputation.
Today, multinational companies (from a wide spectrum of industries) play a significant role in shaping the environmental guardianship of the planet's resources. Scientifically sound corporate reporting including the eco services balance sheet (with defined debt and profit) need to be standardised, in order to be truly valuable in responsible decision making. Furthermore, our understanding of ecological capacity, robustness and the criticality of thresholds (which may cause irreversible change) need to be expanded.
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