Green innovation in oil and gas exploration and production for meeting the sustainability goals

This study assesses how green innovation influences sustainability within the Chinese oil and gas industry. The analysis employs the CS-ARDL (Cross-sectionally Augmented Autoregressive Distributed Lag) technique, focusing on a case study involving 100 publicly listed companies from 2010 to 2020. Sustainability is approximated by energy efficiency, unveiling substantial correlations between technology investment, ESG (Environmental, Social, and Governance) funding, stock valuation, tax disbursements, financial misconduct, and energy efficiency. Augmented investments in technology and ESG initiatives exhibit favorable impacts on energy efficiency both in the short and long run, underscoring the importance of strategic investments in progressive technologies and sustainable ventures. Conversely, higher tax disbursements and instances of financial misconduct detrimentally affect energy efficiency, emphasizing the necessity to address these issues to bolster sustainability. Tangible policy suggestions encompass the advocacy for green finance, the implementation of an effective emission taxation framework, provision of incentives for eco-friendly research, and the establishment of a local network for green innovation among oil and gas enterprises, aiming to nurture sustainable practices.