Corporate Sustainability and Vision 2030: Exploring ARAMCO's Role in Promoting Social Responsibility for Sustainability

Abstract

Abstract: Saudi Arabia stands as a rapidly growing economic power. It has emerged as a leading country in adopting and integrating Corporate Social Responsibility (CSR) activities. The aim of the organisation is to be globally preeminent unified energy and chemicals company, functioning in a safe, sustainable and reliable manner. Corporate entity openness and moral behaviour is the focus of Aramco's CSR guidelines. Aramco's CSR principles include achieving long-term progress and adhering to local and international laws. The CSR strategy is imbibed into the company's business strategy, which is founded on four focus areas of sustainable development: Climate change and the energy transition, safe operations and people development, minimizing environmental impact and growing societal value. Each of these focus areas support Aramco’s strategic themes, and align with both Saudi Arabia’s Vision 2030 and the U.N. Sustainable to create a vibrant civilization, flourishing economy and building a determined nation. Method: This study examines Saudi Aramco's on the CSR front, the industry's largest oil exporter. Efforts have been made through the use of secondary data to capture the drivers and modus operandum used by the organization for its commitment towards sustainability. Results: The industry’s largest oil exporter has adopted several practices in their efforts to become socially responsible and sustainable. Evidence (Aramco sustainability report 2022) has revealed that shift in perspective has taken place over the past year, increasing acceptance of the fact that there needs to be a better balance between maintaining energy security, energy affordability, and environmental sustainability. CSR practices have a positive impact on company performance, reputation, customer satisfaction, loyalty, employee engagement and minimizing any negative environmental and social impacts, to build something that will last a company that will still be standing strong, generations from now. Conclusion: The journey towards effective CSR implementation is dynamic, marked by achievements and challenges. Aramco's commitment to CSR, underscored by its alignment with Saudi Arabia's ambitious vision, paints a compelling picture of sustainable growth and impact for the organization and the broader nation. As the landscape of corporate responsibility continues to evolve, organizations that adeptly navigate these waters are poised to contribute meaningfully to both their own success and the betterment of society at large.