Sustainable Growth Journey

Abstract

Abstract Conoco believes that sustainable development is a comprehensive way of approaching business to ensure that financial excellence is achieved in concert with environmental performance and social responsibility. It is not just a fad to be considered today and forgotten tomorrow. A culture based on four "core values" of environmental stewardship, safety, valuing all people and business ethics has provided a strong foundation for our commitment to sustainable development. Conoco has been involved with activities and initiatives around the concept of sustainable development for a number of years. Conoco is an active member of the World Business Council for Sustainable Development (WBCSD) and a founding member of the Gulf of Mexico and North Sea regional Business Councils for Sustainable Development. In 2000, the company has earned the distinction of being a component of the Dow Jones Sustainability Group Index, which tracks the performance of the top 10% of sustainable companies in the world. Oekom Research AG also ranked Conoco number one in 2000 among 23 energy companies in corporate responsibility. Sustainable development efforts have been focused upon:Improving the sustainability of existing operations,Expanding beyond traditional hydrocarbon businesses,Integrating sustainable development into core business strategy and engaging stakeholders, andFostering innovation and technology to achieve sustainable growth. A managerial position was created to assist leaders in developing mindsets that will enable sustainable growth.Tools for measuring performance against sustainable development criteria are under development and outside resources are sought to help broaden our perspectives. Operations around the world are identifying better, more sustainable ways of doing business that meet the "triple bottom line" of financial, environmental and social accountability. In addition to evolving business approaches, technology development in areas of carbon fibers, natural gas refining, and environmentally enhanced motor fuels offer exciting prospects to meeting future energy and resource demands. In September, 2000, the gas-to-liquids (GTL) project team was selected by the U.S. Department of Energy as a recipient of an R&D grant under their "ultra-clean fuels" program. While proud of our leadership role, Conoco is by no means satisfied that we are where we need to be. Our approach is to obtain competitive advantage by growing sustainable businesses and adopting a corporate policy and strategy to achieve this objective. Introduction Fossil fuels are projected to play an important role in meeting global energy demands well into the 21st century. While some argue that this cannot continue "sustainably" and that "sustainable growth" is an economic oxymoron1, progressive energy companies such as Conoco are committed to meeting this demand in a manner that addresses the "triple bottom line" (TBL) of sustainable development. The three pillars representing the TBL of sustainable development are (1) social responsibility, (2) environmental stewardship, and (3) economic performance.