Climate strategies of oil and gas corporations and some recommendations for Petrovietnam

Abstract

Climate change is a major global challenge, which is complex, unpredictable and will continue at an increasingly fast rate, causing risks and great impacts on companies and the global economy. Adapting to climate change and ensuring energy security is a challenge that any country or business in the world has to face. Although approaches may vary, all oil and gas companies need to be more proactive in responding and adapting to climate change with solutions to: (i) manage climate risks as part of their corporate risk management and (ii) develop a climate change adaptation strategy. The strategies of major IOCs and NOCs in the coming period are directed towards two major strategic trends, namely: energy transition and GHG emission reduction. Most of the Asian NOCs have either implemented low-carbon energy development solutions to gradually replace conventional energy or actively participated in GHG reduction initiatives.