亚洲石油与天然气研究：亚太地区油品能源转型记分卡.docx

《亚洲石油与天然气研究：亚太地区油品能源转型记分卡.docx》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、EquityResearchAsiaPacificAPACOil&GasESGResearchIntroducingourEnergyTransitionScorecardforAPACOilsEnergy

2、Environmental,SocialandGovernance(ESG)ResearchFigure1:CSEnergyTransitionScorecardforAPACOils(TransitionScore)8070605040302010WoodsideSantosPTTPTTEPInpexCNOOCOilSearchPetroChinaPe

3、tronasSinopecJapexPertamina-Source:CreditSuisseestimates.SeeFigure2fordetailedbreakdownInauguralESGresearchforAPACoil&gassector.WehaveleveragedthegroundworkbyourEuropeanO&GteamandcreatedaproprietaryEnergyTransitionScorecardfortheAPACOils.ThisscorecardevaluatestheAPACOils’alignmentw

4、ithglobalenergytransition,asubsetofthebroaderESGspace.Wesplitourmetricsacrossfive‘pillars’toevaluateboththecurrentandfuturealignmentswithenergytransition.Inconjunctionwithourlaunch,ourGlobalEnergyTeamispublishinganEU-APACintegratedscorecardtoseehowthecompaniesstackupacrosstheglobe.

5、APACOilsaregenerallybehindtheESGcurvevsglobalpeers,butarecatchingup.MostAPACOilshaveyettoprovidetheScope1-3emissionandrenewablespendings/targetsfiveyearsago,buthavenowincorporatedthesedataintheirESGfilings.WestudyhowtheAPACOilshaveevolvedintheESGdisclosureandhowfartheyarebehindthei

6、rglobalpeers.ThedriverofanimprovedESGdisclosureisdifferent—viathepushfactorbyinvestors(Australia)orregulatorychangesbyexchanges(HK/China)—butisequallyimportantindrivinganenhancementintheESGdisclosureforAPACOils.Howitstacksup.AustraliaOilsrankthehighestinourEnergyTransitionScorecard

7、duetotheirfocusonnaturalgas,betterdisclosuresinemissionsreductiontargets,andESG-linkedexecutivecompensation—withinthat,Woodsidestandsoutamongstitspeers.ChineseOilshaveimprovedtheirESGdisclosureandtargetsettingsinthelastfewyears;andwithinthat,CNOOCparsbettervsPetroChina/Sinopec.PTT/

8、PTTEPscorebetterwithinSoutheastAsiaOils,thankstoaheaviergasfocusandrenewablesinvestment.WehavealsoleveragedCSHOLT®torunacarbon-adjustedCFROI®forAPACOilstoassesshowcarboncostsaffecteachcompany’sprofitabilityandfutureCFROI.Environmental,SocialandGovernance(ESG)ResearchCreditSuisseEn

9、vironmental,SocialandGover