Sustainable Development
Approach to Reporting
Materiality Assessment Process
In 2021, PTTEP reviewed material topics on sustainability covering ESG or Environmental, Social, and Governance through interviews and questionnaires on all stakeholders as well as the analysis of likelihood of opportunities and risks of factors that may affect the Company. The results were classified into 2 groups: material issues of the Company's operations and stakeholders' concerns and expectations. Being added up were global sustainability trends and direction in line with UN SDGs and DJSI as well as the energy industry's material issues. The assessment process was completed in line with GRI Standards as follows.
- Identification
Considered the company's business strategy, enterprise risks, and challenges, as well as social, business, and environmental activities, including the comparison with global sustainability trends and direction, peers, and related institutions, in conjunction with the stakeholders' suggestions, expectations, and interests.
- Prioritization
Once the key material issues were identified, PTTEP assessed these issues in two dimensions: the significance to PTTEP and the significance to stakeholders. The prioritized issues are presented in the form "Materiality Matrix" by
- X (horizontal axis) is "significance of each materiality to PTTEP"
- Y (vertical axis) is "significance of each materiality to stakeholders"PTTEP consider the issues in the upper-right quadrant to be the most significant,
- Validation
The Board of Director and The Management Committee reviewed and approved the material issues for disclosure in the sustainability report, website and considered to define the Company's direction and strategy. An external audit was carried out to verify the transparency, accuracy, and completeness of the disclosed information.
- Review and Report Development
Improved the participation procedure, as well as gathered feedback and recommendations from stakeholders to further improve the report to better reflect the stakeholders' issues.
Materiality Matrix 2021
- Governance, Risk Management, and Compliance
- Increasing Petroleum Reserves
- Lower Carbon Future
- Human Resource Preparation
- Contribution to Community and Society
- Environmental Management
- Technology and Innovation
- Occupational Health and Safety
More information about Material Issues and Boundaries can be access here.
Performance Summary of 2021 Material Issues
PTTEP has set short- and long-term sustainable development targets for business, social, and environmental dimensions and discloses the sustainability performance of our materiality issues. In 2021, the main achievements and progress on PTTEP's targets and work plan were as follows:
Materiality: 1. Governance, Risk Management, and Compliance (GRC)
Report Topic: Governance, Risk Management, and Compliance
Target | 2021 Progress | SDGs |
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Materiality: 2. Increasing Petroleum Reserves
Report Topic: Energy Transition Towards Lower Carbon Future
Target | 2021 Progress | SDGs |
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Materiality: 3. Lower Carbon Future
Report Topic: Environmental Management
Target | 2021 Progress | SDGs |
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Materiality: 4. Human Resource Preparation
Report Topic: Human Resource Management
Target | 2021 Progress | SDGs |
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Materiality: 5. Contribution to Community and Society
Report Topic: Sustainable Development
Target | 2021 Progress | SDGs |
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Materiality: 6. Environmental Management
Report Topic: Environmental Management
Target | 2021 Progress | SDGs |
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Materiality: 7. Technology and Innovation
Report Topic: Innovation and Knowledge Management
Target | 2020 Progress | SDGs |
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Materiality: 8. Occupational Health and Safety
Report Topic: Safety, Security, Health and Environment
Target | 2020 Progress | SDGs |
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CONTENT INDEX
PTTEP has created a Content Index that facilitates readers and all stakeholders to understand how PTTEP conducts the sustainability report and sustainability context on the website in alignment with GRI Standards.
Your opinions on PTTEP's materiality issues can be expressed at Survey of Readers' Opinions