On November 8, in Hanoi, Vietnam National Oil and Gas Group ( Petrovietnam ) coordinated with Vietstar to organize the workshop "Effective implementation of ESG strategy: Models and best practices" with the aim of building a sustainable development journey at Petrovietnam and its member units.
In the context of climate change having increasingly profound and obvious impacts, the trend of energy transition, green economy , digital economy and circular economy is growing strongly, creating pressure for businesses to constantly improve their competitiveness while ensuring the balance between economic development and sustainable development. In particular, environmental (E), social (S) and governance (G) factors play a key role. Energy transition is an inevitable trend for businesses, especially in the energy industry. In this process, ESG is an important factor that directly impacts the energy transition.
Overview of the Workshop
Attending the workshop were Mr. Bui Minh Tien - Member of Petrovietnam's Board of Directors; Mr. Boon Hoe OOI - former General Director of Jurong Port (Singapore); Mr. Shai Ganu - Member of the Expert Council on Governance and Climate - World Economic Forum (WEF), Managing Director, Global Consulting Leader of Willis Towers Watson, Chairman of the ESG Committee at the Singapore Institute of Directors; and representatives of professional departments and member units of the Group.
Mr. Bui Minh Tien - Member of Petrovietnam Board of Directors delivered the opening speech at the Workshop
Speaking at the opening of the workshop, Mr. Bui Minh Tien said: "In the context of the world facing serious challenges of climate change, the role of ESG implementation becomes important and urgent. For Petrovietnam - the leading state-owned economic group in the energy industry, building and implementing an ESG strategy is not only necessary but also a mission we are committed to for the development of businesses and the community. Over the years, Petrovietnam has made continuous efforts to integrate ESG into all activities of the Group such as corporate governance, environmental management, and care for the lives of employees. However, the complexity and differences in scale and operating models of Petrovietnam and its member units require a synchronous ESG strategy, so solutions are needed to suit the current situation."
Mr. Bui Minh Tien emphasized that the workshop will help Petrovietnam as well as businesses better understand the effective operating models of advanced countries, including Singapore, the leading country in Asia in ESG practice. From there, Petrovietnam and its member units will enhance sustainable strategies in their business plans, and at the same time build and implement the Group's sustainable development strategy, towards the Netzero goal by 2050.
At the workshop, Mr. Boon Hoe OOI shared his experience in implementing ESG in Singapore and gave suggestions to help Petrovietnam make sustainability a core business priority, and implement ESG more quickly and effectively.
Mr. Boon Hoe OOI - Former CEO of Jurong Port speaking at the Workshop
According to Mr. Boon Hoe OOI, there are 3 reasons why Petrovietnam's ESG is different from most other businesses: ESG social license for oil and gas companies is more difficult to obtain than for other companies and businesses; Petrovietnam is an international - national oil and gas company, making ESG a more "balancing act" than other companies; Petrovietnam itself is a complete ecosystem consisting of many related member units.
“Unlike other individual business entities, Petrovietnam can consider ESG strategy in a way that the country can do. While each entity’s strategy implementation should be bottom-up, the Group’s approach can be top-down. Petrovietnam’s ESG strategy implementation should be driven from the “top down” direction,” said Mr. Boon Hoe OOI.
Mr. Shai Ganu spoke at the Workshop
Also at the workshop, Mr. Shai Ganu gave a presentation on the topic of exploiting opportunities related to Environment (E), Society (S), and Governance (G). According to WTW's research on corporate archetypes, compliance-oriented businesses focus on meeting regulatory requirements or basic expectations of investors or consumers. Social responsibility orientation focuses on the company's values and purpose as well as the alignment of values among multiple stakeholders. Strategic orientation incorporates clearly defined and calculated links between ESG and business performance, risk management, value creation, and strong links with a comprehensive ESG agenda.
At the workshop, delegates also discussed issues related to the risk-return-sustainability triad and the role of sustainability in the financial equation.
Mr. Bui Minh Tien spoke at the workshop
Mr. Tran Hong Nam - General Director of PVEP discussed at the Workshop
Concluding the workshop, Ms. Le Thi Lam Tra - Deputy Head of Petrovietnam Human Resources Management Department said: "The workshop provided information and knowledge about the importance of ESG, the principles of sustainable development management in the world, as well as specifically from Singapore's practices; at the same time, discussed Petrovietnam's challenges to be able to incorporate ESG into production and business activities, improving the sustainable development orientation in the Group's development strategy".
Ms. Le Thi Lam Tra - Deputy Head of Petrovietnam Human Resources Management Department concluded the Workshop
Through the discussions and sharing sessions of experts, delegates will have a better understanding of the strategic factors and important orientations in the ESG implementation process. This knowledge will be a solid foundation for the sustainable initiatives that Petrovietnam will implement in the future.
Minh Duc - Tran Trung - Diem Hang
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