Petroleos de Venezuela

PDVSA has not set any emissions reduction targets and does not disclose plans to develop any. The company should develop a long-term target that aligns with its 1.5°C pathway and covers its scope 1, 2 and 3 emissions. Additionally, the company should set intermediate targets at gaps of no more than five years to incentivise near-term action on longer-term goals.

PDVSA’s scope 1 and 2 emissions intensity declined between 2017 and 2022, likely due to an increase in the proportion of gas in the company’s energy mix. PDVSA’s scope 1 and 2 emissions intensity is projected to increase slightly between 2022 and 2027, in contrast to the company’s 1.5°C pathway which requires it to reduce its emissions intensity by 12% annually. The company has not committed to stop oil and gas exploration and expansion. This does not align with the International Energy Agency Net-Zero by 2050 (NZE) scenario. Consequently, PDVSA is projected to exceed its scope 3 carbon budget by over 70% between 2022 and 2050.

There is no evidence that PDVSA has a low-carbon transition plan. The company should establish a time-bound action plan that outlines how it will transition to a low-carbon economy. This should include medium and long-term targets, verifiable and quantifiable key performance indicators and financial commitments. The plan should be informed by scenario analysis to ensure that the plan’s ambition is sufficient for a 1.5°C pathway.

There is no evidence that PDVSA is developing business activities that would enable the company to decouple financial results from greenhouse gas emissions. A low-carbon future will require the company to diversify its energy mix to include renewables and low-carbon fuels or manage the close of its oil and gas business.

PDVSA has not set any emissions targets. The company has not developed a vision of what its business will look like in a low-carbon future. The company continues to seek to expand its oil and gas business.

The company does not have a low-carbon transition plan and does not intend to develop one in the near future.

There is no evidence that PDVSA is investing in research and development of climate change mitigation and carbon removal technologies. The company does not report its CapEx spend on low-carbon technology. There is also no evidence that the company is developing new business models for a low-carbon future.

PDVSA’s scope 1, 2 and 3 emissions intensity decreased between 2017 and 2022. The company’s emissions intensity is projected to remain static between 2022 and 2027, which is not aligned with the company’s 1.5°C pathway. To align with its 1.5°C pathway PDVSA needs to decrease its scope 1, 2 and 3 emissions intensity by approximately 4% annually.

The company’s lack of targets and strategy suggests that the company is not committed to the low-carbon transition. The company is predicted to significantly exceed its scope 3 emissions budget between 2022 and 2050 and has plans to rapidly expand its oil production.

No evidence was found of the company’s commitment to social dialogue. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders. No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the low-carbon transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. No public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskills and upskills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders. No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments of the company related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company s policies or commitments related to key decent work issues were found in the public domain. These issues include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

No policies or commitments were found in the public domain related to personal data protection, tax, bribery and corruption and lobbying and political engagement. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.