More planet and less profit? The ethical dilemma of an oil producing nation

Every oil producing nation is confronted with a complex and fundamental ethical dilemma. On the one hand, there are moral arguments for the nation to use the petroleum resource for the benefit of society and make it available for countries who do not have this natural resource endowment. On the othe...

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Autor principal:	John A. Hunnes
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2019
Materias:	ethical dilemma sustainability petroleum oil sovereign wealth fund Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/44abeffcce97461db0cb98c7a8b32df6
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spelling	oai:doaj.org-article:44abeffcce97461db0cb98c7a8b32df62021-12-02T16:09:30ZMore planet and less profit? The ethical dilemma of an oil producing nation2331-197510.1080/23311975.2019.1648363https://doaj.org/article/44abeffcce97461db0cb98c7a8b32df62019-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2019.1648363https://doaj.org/toc/2331-1975Every oil producing nation is confronted with a complex and fundamental ethical dilemma. On the one hand, there are moral arguments for the nation to use the petroleum resource for the benefit of society and make it available for countries who do not have this natural resource endowment. On the other hand, there are moral arguments for not extracting and using fossil fuels because of CO2 emissions. In short, this creates tension between the need for government revenues to finance welfare benefits and the objective of preserving the environment. A complicating factor is that a nation’s domestic oil and gas activities are in its nature global because the activities have a direct impact on the global climate. In this paper, I address a question that to my knowledge is rarely discussed in the business ethics literature: how does an oil producing nation try to resolve this fundamental ethical dilemma? Using Norway as a case, I argue that the nation is well aware of this ethical dilemma, but that there are few signals from the government that it wants to reduce the petroleum activities. Instead, Norway tries to seek redemption by (1) using the financial power of the Oil Fund to promote sustainability issues abroad and (2) building an international brand as an “Environmentally Conscious Energy Nation.”John A. HunnesTaylor & Francis Grouparticleethical dilemmasustainabilitypetroleumoilsovereign wealth fundBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 6, Iss 1 (2019)
institution	DOAJ
collection	DOAJ
language	EN
topic	ethical dilemma sustainability petroleum oil sovereign wealth fund Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	ethical dilemma sustainability petroleum oil sovereign wealth fund Business HF5001-6182 Management. Industrial management HD28-70 John A. Hunnes More planet and less profit? The ethical dilemma of an oil producing nation
description	Every oil producing nation is confronted with a complex and fundamental ethical dilemma. On the one hand, there are moral arguments for the nation to use the petroleum resource for the benefit of society and make it available for countries who do not have this natural resource endowment. On the other hand, there are moral arguments for not extracting and using fossil fuels because of CO2 emissions. In short, this creates tension between the need for government revenues to finance welfare benefits and the objective of preserving the environment. A complicating factor is that a nation’s domestic oil and gas activities are in its nature global because the activities have a direct impact on the global climate. In this paper, I address a question that to my knowledge is rarely discussed in the business ethics literature: how does an oil producing nation try to resolve this fundamental ethical dilemma? Using Norway as a case, I argue that the nation is well aware of this ethical dilemma, but that there are few signals from the government that it wants to reduce the petroleum activities. Instead, Norway tries to seek redemption by (1) using the financial power of the Oil Fund to promote sustainability issues abroad and (2) building an international brand as an “Environmentally Conscious Energy Nation.”
format	article
author	John A. Hunnes
author_facet	John A. Hunnes
author_sort	John A. Hunnes
title	More planet and less profit? The ethical dilemma of an oil producing nation
title_short	More planet and less profit? The ethical dilemma of an oil producing nation
title_full	More planet and less profit? The ethical dilemma of an oil producing nation
title_fullStr	More planet and less profit? The ethical dilemma of an oil producing nation
title_full_unstemmed	More planet and less profit? The ethical dilemma of an oil producing nation
title_sort	more planet and less profit? the ethical dilemma of an oil producing nation
publisher	Taylor & Francis Group
publishDate	2019
url	https://doaj.org/article/44abeffcce97461db0cb98c7a8b32df6
work_keys_str_mv	AT johnahunnes moreplanetandlessprofittheethicaldilemmaofanoilproducingnation
_version_	1718384406959226880

More planet and less profit? The ethical dilemma of an oil producing nation

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