Free Custom «Management Accounting» Essay Paper

Over the last decade, Bp has really received acclamation and support due to its "proactive stance" in regards to environmental challenges it faces, most notably due to its position on global climate change and efforts to address emissions of greenhouse gases. Generally, the role of BP is usually highlighted in stark contrast to other companies that have faced with accusations of lobbying intensively against efforts of mitigating the challenge of global warming (Skjærseth, and Skodvin, 2001). Apart from long heated talks in regards to global environmental issues and corporate responsibilities, the last decade has been faced with crisis of a potentially much broadening social agenda as the concept of corporate social responsibility (CSR). The aim of this paper is to explore the manner in which BP can be challenging and address the issue of sustainability.

According to BP (2001), the company has billions of dollars in retained earnings to lose and they are in an industrial-age industry where it is not easy to create instant world value as an opening decision. This is only possible not unless BP decides to go completely outside the box and seize leadership in tackling the very issues or challenges that are closely tied to products from the industry. In addressing all this issues, it is vital to look at how things have changed in last 20 years, which has not changed so much anyway as mu7ch as they are likely to change in the coming 20 years. This is because the demand of oil is forecast to be 45% higher and that demand for gas is likely to be at 65% and the world will have added a total of one or more billion people to its populace and thus dealing with challenges of climate change will be a great issue.

 

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Generally, it is essential to be confident that BP will deliver energy security since they have the technology, aptitude, and knowledge. In order for the company to achieve sustainability, there is need for support and leadership from policy makers and through such a move BP stands a chance to not only deliver energy securely, but sustainably. Through such a move the industry is also poised to deliver energy in a manner that will also aid in sustainable development.

Finally, According to the Business policies of BP (2000), given the fact that now the boundary that defines that "environment" has become the corporate boundary, in both the insurance industry and now of the oil industry which translates to something bad since it is difficult to determine their potential extermination as a business enterprise. Just like Winston Churchill once said, "the thought of impending doom focuses the mind wonderfully." If this heroic act of strategic self preservation becomes successful, then BP will not only have influenced many companies to conduct their production in a friendlier environment, but BP would have transformed itself into a growing, sustainable living company.

Such a corporate transformation may be the utmost legacy of BP's decision. All in all the energy industry is going to be the center of everything at the forefront of some of the biggest challenges that the world is facing in the 21^st century. The challenges are huge but so are the prizes and therefore the only way to tackle these challenges is working with the very best people.