Meeting the UN’s Sustainable Development Goals in the Decarbonization Agenda: A Case of Russian Oil and Gas Companies

Abstract

Being key players in providing sustainable energy on a global scale, oil and gas (O&G) companies can contribute to achieving the UN’s Sustainable Development Goals SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action). This paper focuses on Russian O&G companies and presents an analysis of their contribution to these SDGs in the context of today’s decarbonization agenda. The study is based on a content analysis of their corporate sustainability reports and has produced three results. First, we analyzed the key strategic goals of Russian O&G companies. Second, we identified the correspondence between the progress towards the SDGs declared in their sustainability reports and the UN’s SDG indicators. Third, we analyzed the contributions of Russian O&G companies to SDGs 7 and 13. As a result of the study, recommendations were formulated to introduce practical tools aimed at increasing the contribution of Russian O&G companies to sustainable development. The article discusses problems in corporate sustainability reporting of Russian O&G companies. The paper also seeks to expand the existing literature on the contribution of the Russian O&G sector to providing sustainable energy and accelerating the energy transition in line with the decarbonization agenda.