In the next 10 years, it is predicted that Asia will become the fastest-growing region in energy consumption and electricity demand. Notably, 70% of current energy comes from fossil fuels. To reshape this energy landscape, significant investments are required across the entire energy value chain, from generation to supply chain, materials, production, repurposing, storage, and technology.
The World Economic Forum (WEF) has developed climate governance principles to guide Board of Director in addressing climate risks, seizing opportunities, and driving ESG initiatives. ESG is no longer merely a trend but has become an integral part of successful business strategies. Integrating environmental, social, and governance factors into business operations not only mitigates risks but also creates sustainable value, attracts investors, and enhances a company’s reputation.
Overview of the Workshop in Hanoi on November 8, 2024
On November 8, 2024, VIETSTAR and PetroVietnam (PVN) successfully co-organized the workshop “How to develop an effective ESG strategy: Best practices & Model “ at the Pan Pacific Hotel in Hanoi. This workshop marked the significant efforts in Vietnam’s journey towards a sustainable energy transition. Distinguished attendees included Mr. Bui Minh Tien, Member of the Board of Directors of PVN; Ms. Pham Thu Hang, CEO VIETSTAR and Director of the Vietnam Singapore Board Forum (VSBF); Mr. Boon Hoe OOI, Former CEO of Jurong Port (Singapore); Mr. Shai Ganu, Member of the World Economic Forum’s Climate Governance community of experts; Managing Director; Global Practice Leader, Executive Compensation; Talent & Rewards Business Leader, SEAN & South Asia of Willis Towers Watson; and representatives from various PVN subsidiaries such as: PetroVietnam Camau Fertilizer Company (PVCFC); Binh Son Refining and Petrochemical (BSR); PetroVietnam Oil (PVOIL); Vietsovpetro (VSP); PetroVietnam Drilling & Well Servic Corp (PV Drilling),..
VSBF: Consistent and pioneering in promoting sustainable initiatives.
As the founder of the Vietnam Singapore Board Forum (VSBF), VIETSTAR has been consistently supporting Vietnamese businesses by consulting on integrating sustainability into their operations and effectively implementing ESG strategies that empower enterprises to enhance their competitive advantage and contribute to the nation’s sustainable development. The VSBF Forum gathers energy companies and global leaders to explore initiatives arising from the energy transition and sustainable development.
Ms. Pham Thu Hang, CEO VIETSTAR and Director of VSBF Forum, shared at the workshop: “The Vietnam Singapore Board Forum (VSBF) specializes on initiatives to drive the ASEAN energy transition in which implemeting ESG is a key area. The energy transition is an inevitable trend. In 2023, global investment in energy transition reached a record $1.8 trillion, a 17% increase from the previous year.”
Ms Mary Pham Thu Hang – CEO VIETSTAR with two speakers Mr Shai Ganu and Mr Boon Hoe OOI
PVN (Petrovietnam) – Pioneering the energy transition
Mr. Bui Minh Tien, Member of the Board of Directors of PetroVietnam, emphasized the importance of ESG implementation for businesses. He also shared that the workshop would help PVN and other businesses gain a deeper understanding of the effective operating models of advanced countries, enabling to build and implement sustainable development strategies, aiming for net-zero emissions by 2050.
How to develop an effective ESG strategy: Best practices & Model
The workshop focused on sharing best practices and models for building and implementing effective ESG strategies. Mr. Boon Hoe OOI, former CEO of Jurong Port (Singapore), provided ideas for PetroVietnam to consider in effective implementation of ESG strategy, while also discussing Singapore’s best practices in ESG implementation.
In his presentation, Mr. Boon Hoe OOI also shared effective methods and strategies for ESG implementation, including the “ARICPP” strategy: Alignment and Reinforcement, Integrated and Cascaded, Prioritized & Phased. He also emphasized the “Whole-of-Ecosystem” approach, sharing that “While company/entity’s strategic implementation should be bottom-up, the Group approach could be top-down.”
Mr Boon Hoe OOI – Former CEO of Jurong Port presented at the workshop
Mr. Shai Ganu, Member of the Expert Network on Governance and Climate – World Economic Forum, presented on seizing opportunities related to Environmental, Social, and Governance (ESG). Sharing about WTW’s Global Stewardship Model at the workshop, Mr. Shai Ganu highlighted five key elements: Performance, Purpose, People, Protection, and Planet.
Mr Shai Ganu – Member of the Expert Network on Governance and Climate – World Economic Forum presented at the workshop
Towards a sustainable future
The workshop concluded successfully, marking a significant step forward in Vietnam’s journey towards a sustainable energy transition and effective implementation of the “National Green Growth Strategy to 2030, with a vision to 2050”. The collaboration between VIETSTAR and PVN has opened up new opportunities for Vietnamese businesses to work together towards a greener energy future.
