Development of a sustainable corporate social responsibility index for performance evaluation of the energy industry: A hybrid decision-making methodology

Abstract

The ever-increasing pressure from stakeholders and policymakers on energy companies to achieve Sustainable Development Goals (SDGs) and Corporate Social Responsibility (CSR) mission requires them to reinvent their policies and practices. This study aims to examine the performance of alternative business models for the oil and gas industry by employing a hybrid business analytics methodology under a fuzzy environment resulting in a generalizable model named “Sustainable Development Goals-oriented CSR Index.” The proposed methodology employs a hybrid framework that utilizes bipolar Q-rung Orthopair Fuzzy (q-ROF), Multi Stepwise Weight Assessment Ratio Analysis (M-SWARA), and Elimination and Choice Translating Reality (ELECTRE) methods. The findings show that (i) the proposed model is reliable and consistent throughout the similar fuzzy set value ranges, (ii) clean energy is the most important SDG-oriented CSR Index factor for the sustainable energy industry in emerging economies, (iii) drilling is the best alternative energy sourcing for the oil and gas industry, and (iv) clean energy projects have the highest priority for energy investors. The results also highlight that global warming can be managed with effective energy practices for long-term sustainability. Finally, the findings suggest that energy companies should have the essential technological infrastructure and capable workforce to increase investment efficiency.