Sustainable and Circular Business Model for Oil & Gas Offshore Platform Decommissioning

In recent years, the problem of decommissioning and recycling offshore platforms has become an increasingly complex issue for environmental, socio-economic and safety reasons. The decommissioning or sustainable conversion of offshore platforms in the broader context of the circular economy will lead to the acquisition of new technologies and increasingly change values and behaviours towards sustainability in line with new business models. It will also be a complex process as it will require new skills, transformative technologies and the ability to engage all stakeholders. The objective of this study are the Multi-Use Platforms at Sea (MUPS), which represents an interesting solution for the creation of marine areas where different economic and recreational activities can be launched and developed according to the needs of environmental protection (e.g. renewable energies, shellfish farming, decarbonization plants, tourism and recreation).The main research question was the following: "What is the sustainable and circular business model in the literature that can be best used to support the transformation and/or decommissioning of oil platforms?" In addition, "How can the above business model be applied to the case of a platform considering social and environmental impacts?" In the first phase, the research activity focused on a thorough review of the literature on offshore platform decommissioning and sustainable and circular business models. This allowed us to access the Sustainable Circular Business Model Canvas (SCBMC), a conceptual tool that presents a holistic view of the different multi-purpose management options and their social and environmental impacts. This tool could help oil and gas operators (and related industries) address platform mining issues. The methodology adopted was a qualitative analysis. To test the SCBMC, an empirical study was conducted with semi-structured questionnaires given to several stakeholders (including experts, professionals and academics) in the international decommissioning industry. In addition, broader desk research on global offshore case studies was conducted using information sources and secondary sources. In future research, it may be useful to compare the SCBMC with the latest mainstream Circular Business Model (CBM) issues to better assess and quantify the environmental and social impacts of offshore platform decommissioning and to broaden the debate on this topic, considering economic indicators.


Introduction
In recent decades, the demand for natural resources and materials (Note 1) has increased at an unprecedented rate. Globally, natural resource consumption has increased from 27 billion tons in 1970 to 89 billion tons in 2017, according to OECD (2019), and is projected to increase further to 167 billion tons in 2060 (Note 2). The environmental consequences of material use are driven by the projected doubling of greenhouse gas emissions, soil, water and air pollution, and harmful impacts on ecosystems. Because of this critical context, there are increasing efforts to move to a more resource-efficient and circular economy. In the pandemic era, where once unthinkable approaches have become the new normal, businesses must continue their efforts towards sustainability. The pandemic COVID -19 is having a profound impact on our economy. Many companies are The usefulness of sustainable business models in the perspective of the oil and gas decommissioning industry has become a critical facet for many platforms, due to the approaching end of useful life and the issue of asset integrity . To date, only a handful of offshore platforms have been decommissioned around the world, mainly due to a lack of regulatory frameworks and weak decommissioning plans. The lack of decommissioning facilities poses another critical challenge to the management of onshore disposal. As there are several viable options for decommissioning used platforms, a review of these options is needed. In recent years, several studies (Brigitte et al., 2018;Bull et al., 2019) have appeared in the academic literature on the topic of decommissioning offshore platforms (see Table 1) and related aspects such as decarbonisation, waste management (Akinyemi et al., 2020) and hydrogen production from renewable sources (Pflugmann and De Blasio, 2020). In addition, a new paradigm is also emerging, namely that of long-term coexistence between offshore platforms and marine habitats. For example, integrated multitrophic aquaculture (IMTA) provides the by-products, including waste, from one aquatic species as input (fertilizer, food) for another. According to Chopin et al. (2001), farmers combine fed aquaculture (e.g., fish, shrimp) with inorganic (e.g., algae) and organic (e.g., shellfish) aquaculture in this way to create balanced systems for environmental restoration (bio-mitigation), economic stability (improved output, lower costs, product diversification, and risk reduction), and social acceptance (better management practices). In addition, recent studies (Love et al., 2021) note that oil and gas pipelines have also become fish habitat around offshore platforms. This research strongly suggests that keeping the pipelines in place during partial removal is likely to have a positive impact on both fish diversity and abundance, at least for a few years.
International rules on decommissioning of offshore installations: some observations "Focusing primarily on the international law and practice of offshore decommissioning, this paper examines the various global and regional instruments that attempt to regulate decommissioning. In considering the way forward, particularly for Third World countries, it concludes that it is necessary for oil producing countries to enact comprehensive national legislation on the subject." Osmundsen et al., (2003) Decommissioning of petroleum installations-major policy issues. International Journal of Business and Management Vol. 16, No. 10;2021 quality, assessment of regional impacts of decommissioning alternatives on marine populations, and determination of the biological impacts of any residual pollution.   as the pillar of this study, a conceptual framework for a viable decommissioning scheme is drawn. It was theorized that the redevelopment of an entire structure as a habitable node has potential for conservation and public benefit. Given the calm conditions of the Adriatic waters and the characteristics of some of the platforms, the restored structures hold possibilities either as Ocean Townships or as futuristic cities such as a "sea-stead". Climate change and environmental degradation are major threats to the world. To address these challenges, we need a new growth strategy that transforms the current economy and makes resource use efficient and competitive. Moreover, the significant amounts of materials and waste generated during decommissioning could be recycled and reused. Moreover, such recycling and reuse options could provide a cost-effective solution for waste management or the spread of sustainable business models.
Furthermore, with the overarching goal of making Europe carbon neutral by 2050, the European Commission has unveiled a series of policy initiatives to increase the EU's greenhouse gas emissions reduction target from 50% to 55% of 1990 levels by 2030. The plan includes reviewing every existing law for its climate relevance and introducing new laws on the circular economy, including renovation, biodiversity, agriculture and innovation. A Green Deal is designed to promote a. the efficient use of resources through the transition to a clean and circular economy, and b. the restoration of biodiversity and the reduction of pollution. To achieve this goal, action is needed from all sectors of our economy, and actions include:

and production chains of industrial areas in Italy and contribute to the achievement of ambitious national and European targets. These solutions require a high level of specialization, expertise and experience in the sector, which Saipem has developed over the years and is ready to provide in its contribution to Italy's sustainable recovery and in support of the technological and industrial supply chain."
Moreover, seas and oceans are the pillars of the European economy and have great potential for innovation and growth, helping to achieve the objectives of the Europe 2020 strategy for smart, sustainable and inclusive growth (Note 5). Blue Growth is the long-term strategy to support sustainable growth in the maritime industry as a whole and has a major impact on offshore decommissioning. According to European Commission Maritime Affairs, the "blue economy represents approximately 5.4 million jobs and generates nearly €500 billion in gross value added per year". Multi-Use Platforms at Sea (MUPS) represent an interesting solution for creating marine areas where new businesses can be created and developed, and the blue growth strategy is useful to develop industries that have a high potential for sustainable jobs and growth, such as the following: a. Aquaculture (fisheries websites); b. Coastal tourism; c. Marine biotechnology; d. Marine energy; and e. Seabed mining. Decommissioning options will be influenced by the particular development and external circumstances at the time of decommissioning and may include the following options 1) finding an alternative use for part or all of the structure; 2) recycling part or all of the structure; 3) final disposal of part or all of the structure on land; 4) leaving the structure in place; 5) tipping the structure in place; and 6) disposing of the structure elsewhere in the sea, such as an artificial reef or deep-sea landfill. A multi-assessment approach should be implemented to assess and understand the better decommissioning options for each facility. This is accomplished by conducting a risk, benefit, and feasibility assessment and reviewing the results of each component to determine the preferred approach for decommissioning the facility. The risk and benefit feasibility ijbm.ccsenet.org International Journal of Business and Management Vol. 16, No. 10;2021 assessments may include qualitative and quantitative data. In general, no single decommissioning option will satisfy all criteria or stakeholders, especially given the diverse nature and locations of facilities. Decommissioning options should be considered holistically and selected with consideration of reduced risk versus forgone benefits and feasibility to reduce overall risk. Separate comparative assessments may be required for different asset types as outcomes may vary (e.g., platforms, jackets, riser towers, moorings, subsea manifolds, flexible/rigid pipelines, wellheads, etc.). The decommissioning issue requires public consultation to ensure that potentially affected parties have a reasonable opportunity to consider and provide feedback on the potential impacts of conversion activities/proposals relevant to their functions, interests or activities. To be effective, consultation should be considered as a preventative and ongoing mechanism for addressing the impacts and risks associated with decommissioning. Consultation should ensure that any objections or environmental, social or economic concerns are considered and reflected in regulatory submissions (e.g., an environmental plan).
All consultation activities should be conducted under the following principles: Inclusivity (All consultation activities include culture, gender and diverse viewpoints. The views of vulnerable or marginalized groups who may be affected by the activities are sought.), Integrity and Respect (All consultation activities demonstrate openness, honesty and fairness.), Transparency (Transparency is maintained with stakeholders, particularly through the timely provision of information on all plans, developments and changes that may affect them, and notification of all decisions that relate to concerns raised by them.), Accessibility (Information is disclosed in a manner that is easily accessible and understandable to all stakeholders. Technical information is communicated in an accessible format and languages are spoken by relevant stakeholders.), Responsiveness (Identified stakeholder issues and concerns are responded to promptly), and Informed Consultation and Participation (The engagement and consultation process should result in informed participation by affected stakeholders. This requires an in-depth exchange of views and information through organized and iterative consultations that use feedback to shape decision making. The process needs to be documented and capture the views of stakeholders and reflect their different concerns and priorities in terms of impacts, mitigation measures and benefits. The process must also inform stakeholders how their concerns have been addressed).

Conceptual Framework
While the Business Models (BMs) literature has typically focused on BMs that mainly create, deliver and capture economic value (Osterwalder & Pigneur, 2010), in the last decade it has focused on BMs that are also linked to social and environmental value (Ritala et al., 2018). The key challenge is to redesign business models in a way that enables companies to generate economic value by unlocking social and environmental value for all potential stakeholders (Schaltegger et al., 2012). Therefore, business model innovations towards sustainability were explained by Bocken et al. (2014) as "innovations that create significantly positive and/or significantly reduced negative impacts for the environment and/or society, through changes in the way the company and its value network create, deliver, and capture value, or change their value proposition" (p.44). In a new scenario, we should expect organizations to more actively address issues such as financial and environmental crises, and to put economic and social inequalities, material resource scarcity, energy needs, and technological development in their strategic focus (Joyce and Paquin, 2016).
To meet the triple bottom line perspective (Note6), sustainable development implies that environmental, social and economic challenges must be addressed primarily by businesses. In other words, the shift of BM towards a triple bottom line aims to achieve economic success through the intelligent design of environmental and social activities. That is, from a perspective that identifies sustainability as a new business opportunity, this approach focuses Business Model Innovation (BMI) on the changes towards sustainable development (Karlusch et al., 2018). BMI enables the integration of sustainability logic into an existing business or a start-up to design an entirely new sustainable business model (Bocken et al., 2014). Thus, according to Schaltegger et al. (2012), there are three initial assumptions for a company going through the sustainable BMI process: 1. There must be voluntary contributions to solving societal or environmental problems, because a company's initiatives cannot only be a response to regulations or legal constraints related to the industry structure. 2. rather, there must be positive economic value created for the company and stakeholders. Direct or indirect effects may include cost savings, increased sales or competitiveness, improved profitability, customer loyalty or reputation, etc. 3. finally, sustainable business leads to integrated social, environmental and economic effects on each other.

Sustainable and Circular Business Model
Companies should make large investments against sustainability, which is still considered a form of corporate greenwashing (Parguel et al., 2011) and not core to corporate strategies. Several studies and categorizations of Sustainable Business Models (SBMs) have been proposed in the academic literature by both scholars (Wells, ijbm.ccsenet.org International Journal of Business and Management Vol. 16, No. 10;2021 2013; Boons and Lüdeke-Freund, 2013;Clinton and Whisnant, 2014) and corporate practitioners. Bocken et al. (2014) developed a categorization of sustainable business model archetypes to contribute to the design of a business model innovation for sustainability. There are eight archetypes identified by Bocken et al. (2014), which are classified into higher-level groupings that qualify the main type of Business Model Innovation (BMI): technological, social, and organizational innovations. In the academic literature, the classification picks up the main types of innovations classified in Boons and Lüdeke-Freund (2013). The technological cluster includes archetypes with a dominant technological innovation component that involves redesigning manufacturing processes and products; the social cluster includes archetypes with a dominant social innovation component (e.g., innovations in consumer offerings and changing consumer behavior); and finally, the organizational cluster includes archetypes that have a dominant organizational innovation change component that involves  (1977). Lüdeke-Freund et al. (2018) consider an SBM pattern as follows: "A sustainable business model pattern describes an environmental, social, and/or economic problem that arises when a firm seeks to create value, and it describes the core of a solution to that problem that can be applied repeatedly to a variety of pathways, situations, contexts, and domains. An SBM pattern also describes the design principles, value-creating activities, and their arrangements required to create a useful problem-solution combination." (p.148). The aim is to create a classification that not only shows the existing models and how they work, but also clarifies the business and sustainability relationships of each SBM. For example, Luedeke-Freund et al. (2018) identify 45 sustainable business model patterns, which they classify into 11 groups and associate with 10 different forms of value creation (see Figure 1). These 11 groups are associated with a specific form of value creation when the authors use a "sustainability triangle" to categorize sustainability problem-solution combinations.
The sustainability triangle is divided into ten areas that address ten different forms of value creation to which the pattern groups can be assigned. This model of pattern taxonomy is intended to provide a comprehensive synthesis and consolidation of a vast literature, as it is intended to provide an innovation push for modifying or creating new business models with a stronger focus on sustainability issues. In fact, it was developed as a "heuristic model for decision making in business model development projects" and as a design tool that can be combined with business modeling tools, such as the Canvas. The Sustainable Circular Business Model Canvas (SCBMC) proposed in this study builds on the ideas and structure of the Business Model Canvas (Osterwalder and Pigneur, 2010), other tools and studies on the circular economy (Mentink, 2014;Lewandowski, 2016) and sustainability (Daou et al., 2020).
The proposal is to provide a generic model for Business Model Innovation (BMI) to help companies design and reconfigure their business models. The whole business ecosystem is changing, and the circular economy needs systematic innovation; therefore, a multi-level analysis is required. The shift towards sustainability and Circular Business Model Innovation (CBMI) should integrate elements of macro (global trends and drivers), meso (ecosystem and value chain collaboration) and micro (companies, customers and consumers) levels ( Trends and drivers involve analysing the business environment and scanning current trends. Business model impacts are divided into sustainability costs and benefits, and a triple bottom line perspective is added to Business Model (BM) development. The canvas includes the idea of continuous iteration with sustainability and circularity assessment of the business model (see Figure 2). These aspects are needed to gain factual data about the sustainability of a BM to optimize the processes and understand the dynamics of the required processes. The sustainability part of this assessment can be done using the developing literature on Life Cycle Assessment (LCA) tools (Klöpffer and Grahl, 2014).
The circular economy perspective focuses on visualizing the model to understand the required actors, relationships, cycle phases, and material and information flows. For example, the three environmental strategies of closing, reducing and slowing down the cycle within the circular economy, as proposed by Kraaijenhagen et al. (2016), can also be assessed. Alternatively, for a more quantitative approach to assessing circularity effects, there is a toolkit for circularity indicators that is currently being built in European Union "The Circularity Indicators Project" of the Ellen MacArthur Foundation (2015).
A successful transition to a Circular Economy (CE) therefore requires systemic changes in the business model with sustainability as a strong foundation. Sustainable business model innovations have become fundamental to corporate competitiveness. Business model innovations are very challenging, especially given that the new circular models are in some cases not more sustainable than the previous ones. This new approach is different from the traditional linear economy that uses a "take, make, dispose of" production model . CE Scholars (Andersen, 2007;Stahel, 2016;Lacy & Rutqvist, 2016;Bocken et al., 2016;Lieder & Rashid, 2016;Kirchherr et al., 2017) suggest that a sustainable world does not mean a reduced quality of life for consumers and can be achieved without loss of revenue or additional costs for businesses. Then Circular Business Models (CBMs) can be as profitable as linear models and allow us to continue enjoying similar products and services.

The intermediate step between circular and linear (horizontal) models is represented by the Triple Layer Business Model Canvas (TLBMC).
In contrast to the archetype approach, TLBMC is considered by the authors themselves as an "inside-out" approach to sustainability-oriented business model innovation. It starts from the current elements in the organization to explore the potential changes in the model. In fact, the TLBMC is a recently theorized tool that adds two levels to the original Business Model Canvas (Osterwalder and Pigneur, 2010): an environmental level based on an environmental life cycle analysis and a social level based on a stakeholder management perspective. According to Joyce and Paquin (2016), the TLBMC provides an integrated approach to assist those seeking to understand existing BMs and creatively explore potential sustainability-oriented BMIs. The integration of economic, environmental and social levels supports (vertical coherence) a more robust and holistic view of an organization's business model through its actions and relationships, which can support a more systemic perspective of sustainability-oriented innovation.

Methodology
To select the most relevant management tool for sustainable reconversion of offshore platforms, a literature review was conducted (see Table 2 in the Appendix). First, an analysis of the relevant academic literature (based on the number of citations on Google Scholar, Scopus and the Web of Science and the quality of the academic journals in which the articles were published) on sustainable and circular business models was conducted. The proposed model that emerged from the literature was the Sustainable Circular Business Model Canvas (SCBMC).
To test and introduce the SCBMC in the decommissioning industry, an empirical analysis was conducted using semi-structured questionnaires given to several stakeholders (the questionnaire can be found in the Appendix). In the first phase, a study meeting was organized on Chieti-Pescara Chamber (January 24, 2020), where the questionnaires were distributed to stakeholders directly or indirectly involved in the decommissioning industry (Note 7). The questionnaires were used by the group from Federico University II as a tool to test the hypotheses of sustainable transformation of offshore platforms and related business models. As the processing of the questionnaire data continued, both the number and the exploratory contributions of the research were expanded thanks to the contribution of other questionnaires completed by scholars from international universities such as Harvard (Belfer Center for Science and International Affairs) and the University of California.
In addition, scholars working on related issues of decommissioning and environmental sustainability were added to the sample. Respondents to the questionnaire were from North Atlantic, namely from ADRIREEF (Note 8) project partners. After about 6 months, we obtained a dataset consisting of a total of 43 responses. The validation and testing of the SCBMC model by the stakeholders and the questionnaires were enriched by the contribution of a case study on an offshore platform. The structure is in the Adriatic Sea and has features such as the possibility to realize a total conversion of a multipurpose offshore platform (MUPS). A case study approach is best suited in situations where the main research questions are illustrative (Yin, 2014). According to Barnes and Vidgen, (2006) case study is also known as a method where data triangulation is often used to improve research quality. Instead of using sampling methods, case selection maximizes what can be learned in the time available for the study. Later, more information was gathered by analysing posts on social media (Facebook) and web groups related to decommissioning (LinkedIn) (Morente-Molinera, 2018).
This allowed us to explore the issues limited to the Business Model Canvas in relation to the social and environmental impacts that had already emerged in the questionnaires. In addition, broader desk research was conducted on global offshore case studies, using both information sources and secondary sources (Goodwin, 2012). Finally, the methodology was enriched by interviews with key informants (Taylor and Blake, 2015) to better explore the three different perspectives in the SCBMC. ijbm.ccsenet.org International Journal of Business and Management Vol. 16, No. 10;2021

Discussion
The main contribution of the SCBMC, applied to offshore platforms (see Figure 3 below), is that it links the logic of how an organization creates, offers and delivers value to its wider stakeholders with the minimisation of environmental and social costs. According to IMO (Note 9) guidelines, any decision not to remove or partially remove should take into account: "the potential impact on the safety of navigation or other uses of the sea; the rate of deterioration of the materials and the potential future impact on the marine environment; the impact on the marine environment; the potential for movement of materials on the seabed; the cost, technical feasibility and safety of personnel; and any new uses for the facility or structure remaining on the seabed or other reasonable justifications". The value propositions for the various stakeholders took the most time in developing the dataset. In particular, understanding end-user needs and value creation for consumers were seen as beneficial and seemed to open new insights for the community. Additionally, the various options for revenue models were discussed at length. Furthermore, the iteration of sustainability and circular economy in the proposed model in conjunction with more detailed cost-benefit analysis (as a decision management tool) will help strengthen the SCBMC. At this early stage, the model can be seen as a good way to communicate a business model to stakeholders, including funders, the public sector and the media. Indeed, the SCBMC is close to the logic of Triple-Layered Business Model Canvas (TLBMC) as a tool for exploring sustainability-oriented business model innovation. According to Joyce and Paquin (2016), the TLMBC adds two layers to the original Business Model Canvas: an environmental layer based on a life cycle perspective and a social layer based on a stakeholder perspective. Taken together, the three-view level of the SCBMC makes it clearer how an organization generates multiple types of economic, environmental, and social value. Therefore, the starting point of the SCBMC is economic sustainability, i.e., the revenue streams that result from the activities triggered by the decommissioning industry.
A solution that will be increasingly important to the company's revenue model in the long term. Carbon capture, storage (CCS) and utilization is a huge opportunity and an important emissions reduction technology that can be applied across the energy industry and provide benefits to society. According to Dr. Emilio Mancuso -President of Verdeacqua (Note 10): "Leaving these structures offshore or dismantling them without effective strategic planning that takes the long view could pose a huge risk to the environment and the community." The model proposed by the respondent is as follows: a) reclaim the platforms, make them usable and safe, and use them as an additional resource to be managed in the long term. Therefore, activities such as integrated multitrophic aquaculture (IMTA) and artificial reefs (which promote underwater tourism) represent sustainable enterprises in this scenario. According to Dr. Andrea Fabris -Director of Italian Fish Farmers Association (Note 11): "The offshore platforms could become Sea Farms, also taking advantage of the market potential arising from the increased demand for fish products. Considering the supply chain, production and the possibility of processing the product. In a hypothesis of reconversion and alternative use of offshore platforms, the development of IMTA technology is strategic because of its environmental and economic impact. IMTA is a production technology capable of reducing pollution while increasing productivity and profits by converting waste streams into new products, allowing for production improvement, supply system diversification, and cost reduction." Furthermore, the SCBMC provides a holistic framework by integrating ecosystem logic, i.e., the "trends and drivers" of the macro-environment with a PESTLE analysis  and stakeholder participation and interaction dynamics. On the other hand, at the lower part of the SCBMC business level are the sustainability impacts. These refer, on the one hand, to the national and international regulations on sustainability requirements and, on the other hand, to the environmental, ecological and social aspects. The GRI standards, for example, harmonize the various laws and seek to create a common language for organizations and companies to report on their sustainability impacts consistently and credibly. This increases global comparability and allows organizations to be transparent and accountable. In addition, the regulations help organizations understand and disclose their impacts in a way that meets the needs of multiple stakeholders. In addition to reporting companies, sustainability requirements are also highly relevant to many other groups such as investors, policymakers, capital markets and civil society. The core of the SCBMC model is the business layer, i.e., the operational logic by which it is possible to create value from the decommissioning and decommissioning of offshore platforms. The nine "building blocks" of the business level were originally proposed by Osterwalder (2005), based on his earlier work on the business model ontology.

Research Limitations
The main research limitations relate to the qualitative methods used during the first exploratory step, based on in-depth interviews with key informants (Tremblay, 1957). In addition, other limitations relate to the case study analysed (Eisenhardt, 1989;Feagin et al., 2001;Yin, 2013). The aim of the questionnaire was to assess the environmental and socio-economic impacts of different management options related to redundant offshore platforms in the Adriatic Sea (i.e., Italian context). Therefore, an analysis should be carried out on several international contexts in order to extend and generalize the findings obtained. The latter could also improve the validity and reliability of further surveys (Ali et al., 2011). According to Guba and Lincoln (1994), internal validity is the degree to which the results can be attributed to the treatment. While external validity is the generalizability of the results and reliability, the extent to which the results can be replicated. Attempts have been made to reduce this limitation through the multi-stakeholder perspective approach in the questionnaire (Tanimoto, 2012). In the next steps, it would be useful to expand the survey with more experts from the oil and gas industry and international academics. In addition, the interviews with key informants should be repeated and expanded (Marshall, 1996), comparing the latest developments of decommissioning strategies and considering the political and environmental choices of governments in line with the goals of the 2030 Agenda (Colglazier, 2015) in conjunction with the blue growth strategy (Eikeset et al., 2018).

Managerial Implications and Direction for Future Research
A systems perspective on business model innovation takes a comprehensive and holistic view of the entire system, which has multiple layers to consider. Therefore, the proposed SCBMC complements current business model tools (Johnson et al., 2008;Lindgardt et al., 2009;Osterwalder and Pigneur, 2010) by adding the business ecosystem level, sustainability cost and benefit analysis, and iterative cycles of sustainability and circularity assessment considering the end-life of offshore platforms. In addition, business model innovation is based on incremental changes in areas such as key activities, key resources and distribution channels. System innovation, often required in sustainable circular business models, should be considered at multiple levels of the system, which includes cradle-to-cradle (C2C) use of resources (McDonough and Braungart, 2003). Offshore platforms can be assessed under the novel ecosystem approach, using existing decommissioning decision analysis models as a basis. With thousands of platforms scheduled for decommissioning around the world in the coming decades, the novel ecosystem concept provides a mechanism for recognizing the ecological role that offshore platforms play (van Elden et al.,2019). There are several interesting avenues in terms of business model innovation in a circular economy. To innovate in a circular economy, adopting a multidisciplinary perspective plays a key role; therefore, the presented tool combines views from foresight, economics, consumers and sustainability. The first outcome of this research describes the emerging practices for business model innovation based on a circular economy, pointing to several research questions that seem worth further investigation. First, the SCBMC should be tested in several other cases with different companies and industries, ranging from decommissioning to other related industries. Our study does not integrate the financial perspective, which is reinforced by the increasing prevalence of financial products such as green bonds or the Circular Economy Leaders Equity Index, which should measure financial contributions. Second, longitudinal studies could highlight the key stages of business model innovation processes via design or reconfiguration. Third, new methodologies need to be developed, especially for sustainability and circular economy actors, to enable continuous iteration. In the future, sustainable and circular economy approaches (CE) should be further integrated into offshore decommissioning. There is a need to rethink the waste management model, and CE logic offers a way to rethink waste as a resource, integrating conservation and system regeneration, as well as a novel approach to renewable energy (Jensen et al., 2020). This is done with the aim of minimizing resource extraction from the natural environment, maximizing waste prevention measures, and optimizing the use of materials, components, and products throughout their life cycle (Velenturf et al., 2019).
Optimization is guided by values related to improving environmental quality, social well-being, and economic prosperity. These overarching aspirations are often put into practice with 'R-ladders' (i.e., reduce, reuse and recycle). However, these whole life cycle principles have yet to be fully implemented and integrated into the decommissioning industry. In addition, analysis and mapping should be used to identify stakeholder groups that influence a single level of the SCBMC. Early engagement, appropriate consultation strategies, and respectful communication techniques will improve stakeholder interaction and increase the likelihood of meeting the consultation requirements of environmental regulations. Stakeholders may include government agencies, maritime organizations, fishing groups, conservation organizations, scientific organizations, marine users, wildlife societies, wildlife organizations, offshore contractors, tourism operators, local communities, and other groups. For example, the development of offshore IMTA as a sustainable business model requires the identification of environmental and economic risks and benefits of such large-scale systems. Future results of such studies will help determine the practical value of adopting the IMTA approach as a strategy for offshore aquaculture development (Troell et al., 2009). Consultations for new decommissioning activities should consider previous consultations that have been conducted across sectors and by government. Measuring the quality and potential impacts of different scenarios for a transformation project is central to a successful process to be ijbm.ccsenet.org International Journal of Business and Management Vol. 16, No. 10;2021 implemented successfully. To this end, the introduction of Key Performance Indicators (KPIs) is a necessary step to provide potential quantitative feedback for decommissioning and potential future transformation of the site and to understand the impacts (Williams and Robinson, 2020).
Namely, the technical, social and financial indicators and the environmental impact (which includes the level of pollution and emissions associated with the decommissioning process and the possibility of limiting the exploitation of energy and valuable resources such as water). All these aspects are critical to driving effective transformation, and their combined impact would support a circular intervention. According to Dr. Emilio Mancuso: "Sustainable decommissioning is a great opportunity, but very complex and expensive. Leaving the platforms in the Adriatic Sea without reclamation is a big risk because they can follow the law of entropy and rot on the seabed. If the platforms were well managed and left in the sea and made inert with the environment, there would certainly be an economic, environmental and social benefit."