Sustainable Development Philosophy and Framework
Sustainable development has been defined in many ways, but the most frequently quoted definition is from Our Common Future (1987), also known as the Brundtland Report:
"Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It contains within its two key concepts :
- The concept of needs, in particular the essential needs of the world's poor, to which overriding priority should be given.
- The idea of limitations imposed by the state of technology and social organization on the environment's ability to meet present and future needs.
Therefore, PTTEP's contribution to sustainable development is founded upon securing energy reserves to source and consumption for future generations. The sustainability challenge is to achieve this corporate objective in a manner that demonstrates a wider benefit to society along the way, in which PTTEP respects, manages and interacts with the wider economy, wider society and the environment.
PTTEP Sustainable Development Framework is structured on the three strategic objectives of Business Growth, Environmental Stewardship and Social Development to achieve the goal of sustainability.
PTTEP's vision defines what we want to achieve in terms of corporate sustainability, that is “Energy Partner of Choice through competitive performance and innovation for long-term value creation”. Therefore, sustainability at PTTEP consists of two dimensions: Business Sustainability and Organization Sustainability as illustrated by the above pictures.
The three main components in PTTEP's "Organization Sustainability Model" to drive PTTEP towards sustainability include High Performance Organization (HPO), Governance, Risk Management and Compliance (GRC) and Stakeholder Value Creation (SVC). Balancing all of those key components is how PTTEP could achieve Organization Sustainability.
To achieve Business Sustainability, PTTEP's business strategy reflects the fast-changing market conditions and global trends around sustainability and oil prices. Please see additional information at the Business Overview page.