Abstract
The petrochemical industry faces the urgent challenge of climate change and the imperative for effective adaptation strategies. While numerous adaptation strategies are in practice, there is limited insight into what constitutes their practical implementation and assessment. Given the variety of strategies the industry employs to combat climate change impacts, it is necessary to comprehensively understand how these strategies are evaluated for their effectiveness. This research is centred on identifying indicators to assess the success of climate change adaptation strategies within the petrochemical sector.
The research began with a literature review to uncover indicators the petrochemical industry utilizes for evaluating climate change adaptation strategies. This preliminary phase unveiled various indicators on structural, physical, social, and institutional adaptation strategies.
Following the literature review, the research implemented a secondary data collection methodology. Data was collected from a sample of petrochemical companies. The primary focus during data collection was on the indicators used by these companies to assess the effectiveness of their adaptation strategies.
The research was motivated by the critical need to understand the indicators employed by petrochemical firms for evaluating their climate change adaptation strategies. Climate change presents a significant challenge to the industry, necessitating the assessment of adaptation strategies' impact and effectiveness. Investigating these indicators offers insights into best practices and opportunities for improvement.
The data analysis revealed a varied landscape of indicators employed by the companies. While some indicators aligned with those identified in the literature review, variations and customizations were evident based on individual companies' unique circumstances and challenges; some did not enjoy the same level of reporting showcasing that different companies used different indicators.
The divergence in indicators used by petrochemical companies carries implications for theory and practice. The findings underscore the industry's adaptability and flexibility in responding to climate change challenges. Theoretically, they emphasize the need for a flexible framework accommodating the industry's diverse circumstances. In practice, the research underscores the importance of adapting adaptation strategies and indicators to consider regional variations and specific vulnerabilities. This customization is pivotal for enhancing the industry's climate resilience. Standardized and adaptable indicators that accommodate diverse circumstances
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are integral for advancing theory and practice within the petrochemical sector's efforts to combat climate change.