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Risk Management in the Transition to Sustainable Energy: Lessons from Petroleum Investment Projects
Subject area: Science,Engineering and Technology · Area of research: Energy Transition
Abstract
The transition to sustainable energy systems is a defining challenge of the 21st century, requiring innovative approaches to address the multifaceted risks associated with green energy investments. This study explores risk and scope management strategies, drawing lessons from petroleum investment projects to guide the shift toward renewable energy solutions. This research highlights the potential of aligning stakeholder expectations with evolving project goals by analyzing technical, financial, and regulatory risks, and emphasizing the importance of integrated frameworks. Case studies from both petroleum and renewable energy sectors emphasize the value of lessons learned in managing large-scale, complex projects. These insights demonstrate how the expertise and methodologies developed in the petroleum industry can be adapted to mitigate uncertainties and optimize outcomes in renewable energy ventures. The findings affirm that effective risk and scope management enhance the feasibility of sustainable energy projects and contribute to broader objectives such as reducing carbon emissions, bolstering energy security, and ensuring economic growth. This work provides actionable guidelines for policymakers, investors, and industry practitioners aiming to achieve a resilient
Keywords
Sustainable Energy Investments, Risk Management, Scope Management, Petroleum Industry Lessons, Renewable Energy Transition, Stakeholder Collaboration, Energy Security, Economic Growth.
How to cite this paper
@article{1709127,
author = {Dafiadje Oghenovo},
title = {Risk Management in the Transition to Sustainable Energy: Lessons from Petroleum Investment Projects},
journal = {Iconic Research And Engineering Journals},
year = {2025},
volume = {8},
number = {12},
pages = {908-919},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1709127.pdf},
abstract = {The transition to sustainable energy systems is a defining challenge of the 21st century, requiring innovative approaches to address the multifaceted risks associated with green energy investments. This study explores risk and scope management strategies, drawing lessons from petroleum investment projects to guide the shift toward renewable energy solutions. This research highlights the potential of aligning stakeholder expectations with evolving project goals by analyzing technical, financial, and regulatory risks, and emphasizing the importance of integrated frameworks. Case studies from both petroleum and renewable energy sectors emphasize the value of lessons learned in managing large-scale, complex projects. These insights demonstrate how the expertise and methodologies developed in the petroleum industry can be adapted to mitigate uncertainties and optimize outcomes in renewable energy ventures. The findings affirm that effective risk and scope management enhance the feasibility of sustainable energy projects and contribute to broader objectives such as reducing carbon emissions, bolstering energy security, and ensuring economic growth. This work provides actionable guidelines for policymakers, investors, and industry practitioners aiming to achieve a resilient },
keywords = {Sustainable Energy Investments, Risk Management, Scope Management, Petroleum Industry Lessons, Renewable Energy Transition, Stakeholder Collaboration, Energy Security, Economic Growth.},
month = {June},
}