A Comprehensive Model for Evaluating Ecological and Economic Effectiveness of Decarbonization Measures for Russian Oil and Gas Enterprises

Given mounting concerns surrounding the escalating greenhouse gas emissions (GHG) associated with fossil fuel extraction, production, and utilization by both Russian and global oil and gas corporations, devising novel strategies to mitigate the impacts of climate change is imperative. This study is underpinned by a comprehensive review and analysis of global trends in greenhouse gas emissions, diverse decarbonization methods applicable to the oil and gas industry, and established approaches to assess decarbonization initiatives in this sector. These insights underscore the need to advance conceptual frameworks to refine the analysis of decarbonization efforts undertaken by Russian oil and gas enterprises. This study makes a valuable scientific and methodological contribution toward fostering sustainable low-carbon development within the oil and gas industry. This goal is achieved through the implementation of a comprehensive model that passes the ecological and economic impacts of decarbonization initiatives at Russian oil and gas companies. The model proposes an approach to evaluate the effects of these initiatives on the competitiveness of the oil and gas sector using a Balanced Scorecard (BSC) approach supplemented with a range of ecologic metrics. Additionally, the model introduces an integral indicator to quantify the influence of the Balanced Scorecard on key operations of an oil and gas company during decarbonization efforts. © 2024 The authors.